Volkswagen to include jobs in €10bn cost-cutting drive

Volkswagen’s €10bn savings programme will include staff reductions, managers have told staff, as brand chief Thomas Schaefer warned that high costs and low productivity were making its cars uncompetitive.

The German carmaker is in the midst of negotiations with its works council over a cost-cutting scheme at its VW brand, the first step in a group-wide drive to boost efficiency in the transition to electric cars.