(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Audi plans to eliminate roughly 15% of its German workforce to lift earnings by 6 billion euros ($6.6 billion) as Volkswagen AG’s largest profit maker pushes ahead with a restructuring plan to
Audi plans to eliminate roughly 15% of its German workforce to lift earnings by 6 billion euros as Volkswagen AG’s largest profit maker pushes ahead with a restructuring plan to help adapt to the costly transition to electric cars.
By 2025, Audi plans to cut as many as 9,500 jobs in Germany and streamline operations at its two main factories in its home country. The positions will be reduced through attrition and voluntary measures including early retirement, Audi said in a statement Tuesday after reaching an agreement with employee representatives.
“We are now tackling structural issues in order to prepare Audi for the challenges ahead,” Chief Executive Officer Bram Schot said in the statement. “In times of upheaval, we are making Audi more agile and more efficient.”Talks with labor unions on the job cuts had dragged on for months, and Volkswagen appointed former BMW executive Markus Duesmann, 50, as the brand’s new chief starting in April to advance the process.
Audi has been wrestling with stricter emission-test procedures that took effect in Europe last year and led to significant production bottlenecks that bogged down deliveries.The world’s third-largest luxury-car brand has been pushing for a fresh start with a review of its product range, which led to the decision to halt the TT coupe. The former design icon will be replaced with a battery-powered model.
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