January 24, 2019 / 2:32 PM / a year ago

Audi to cut $17 bln by 2022 - Manager Magazin

BERLIN, Jan 24 (Reuters) - Volkswagen’s premium brand Audi wants to cut costs by 15 billion euros ($17.02 billion) by 2022, Germany’s Manager Magazin business monthly reported on Thursday, citing Audi executives.

An Audi spokesman said cost savings have not yet been finalised, but the scale of the cost cuts reported by the magazine was correct.

Savings are particularly important for VW after an emissions scandal and associated fines. It also faces a big bill to make its combustion engines comply with new anti-pollution rules.

Future job vacancies will not be refilled, the magazine said, citing finance chief Alexander Seitz, adding this will result in a 3 percent decrease in Audi’s staff per year, around 14,000 jobs in five years.

With the cost cuts Audi aims to finance projects such as a shift to electromobility, the magazine said.

The Audi spokesman declined to comment on the jobs situation at the carmaker.

$1 = 0.8814 euros Reporting by Irene Presinger, writing by Riham Alkousaa Editing by Alexandra Hudson

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