Volkswagen to cut 5-7k jobs by 2023

German carmaker Volkswagen announced that it will cut 5000 to 7000 jobs by 2023, mostly through retirement offers, to reduce operating costs by $6.6 billion, as it plans to invest $21 billion in next five years in developing cleaner electric vehicles and electromobility technology.

The company, which had affected by an emission cheating scandal, said it would add 2,000 jobs in research and development, at the same time.

The largest car maker of Europe had reported sales of €235.8 billion in 2018, at a net profit of €12.15 billion.

As per reports, an estimated 11,000 Volkswagen employees will be eligible for retirement in 2019.

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