Volkswagen Retrenches 5,000 Jobs Till 2023 To Finance EV Segment

The German carmaker Volkswagen has announced to retrench around 5,000 employees, including 900 employees opting for early retirement, between now and the end of 2023. Citing cost-cutting to finance the electric vehicle segment, the automaker has plans to fill the vacant places later. The VW HR director Gunnar Killian said the company would continue practising strict cost management strategies for future investments. Earlier in 2019, VW had retrenched 7,000 employees.