Volkswagen AG will cut 5,000 jobs from its German factories

Volkswagen AG will lay off 5,000 employees from its German factories by the end of 2023, as part of a cost-cutting program.

Up to 900 employees are expected to opt for the early retirement scheme, while about 2,000 to 4,000 employees will leave the company following the gradual cut of their activities.

Company sources told Reuters that the number of jobs at six factories in Germany of the main brand, VW, which currently has about 120,000 employees, will be cut.

In 2019, VW announced the lay off of 7,000 employees.

Handelsblatt newspaper, which had previously announced the plan, said the German group would cut up to 5,000 jobs.