Volkswagen plans 30,000 job cuts

Friday, 18 November 2016 14:46

Volkswagen has announced plans to cut 30,000 jobs to save money as it tries to recover from its diesel emissions scandal. At least two-thirds of the positions will go in its home market Germany. The cuts are expected to bring annual savings of €3.7 billion (AED 14.4 billion) by 2020. It was revealed in the US last year that Volkswagen’s 11 million diesel cars were fitted with software that cheated emissions tests. The automaker has agreed a $15 billion (AED 55 billion) settlement with US authorities and car owners.

More from Business

Abu Dhabi aims for 80% local materials in housing projects

Abu Dhabi plans to increase the use of locally manufactured building materials in housing developments to as much as 80 per cent under a new agreement between two government entities.
UAE Central Bank support package reaches AED 6.2 billion

The Central Bank of the UAE (CBUAE) has announced the key outcomes of its comprehensive support package designed to strengthen the resilience of financial institutions.
Dubai Holding picks 15 scale-ups from 1,400+ applicants for sustainability challenge

Dubai Holding, a diversified global investment company with investments in more than 30 countries, has announced the 15 bold scale-ups selected for its 'Innovate For Tomorrow' impact accelerator programme.
ADNOC backs UAE's AED1 billion National Industrial Resilience Fund

ADNOC has become the first partner to support the UAE Cabinet's newly announced AED1 billion National Industrial Resilience Fund (NIRF) following a trilateral agreement signed at the 'Make it in the Emirates' 2026.