November 26, 2019 / 12:48 PM / 12 days ago

Audi strikes deal with workers to slash 9,500 jobs

FILE PHOTO: The Audi logo is pictured on the new "Aicon" at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany, September 10, 2019. REUTERS/Ralph Orlowski

BERLIN (Reuters) - Audi on Tuesday announced a major restructuring scheme, slashing around 9,500 jobs until 2025 in an effort to adopt production to the e-mobility era and achieve billion-euro cost savings.

“The resulting savings of around 6 billion euros will secure the strategic operating profit margin corridor of 9 to 11% and will be invested in projects of the future such as electrification and digitalisation,” the company said in a statement.

Audi said that the cost savings would be achieved by 2029.

Reporting by Joern Poltz, writing by Tassilo Hummel

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