VW vows to build 22-million electric cars over next decade

Volkswagen Golf 3

Volkswagen Golf 3

"Volkswagen will be boosting the pace of its transformation. taking important steps this year to strengthen competitiveness on a sustained basis", the flagship brand of the mammoth VW group said in a statement.

German carmaker Volkswagen AG says it expects to shed between 5,000 and 7,000 jobs at its core brand by 2023 as a result of increasing automation of "routine tasks".

At the VW brand, executives aim to lift their profit margin to 6.0 percent by 2022, compared with 3.8 percent a year ago.

The VW brand is targeting a 6 percent margin in 2022.

The job cuts will be part of a savings drive aimed at slashing costs by 5.9 billion euros per year by 2023 at VW's own-brand division. So far, VW has realised around 2.4 billion euros of the planned 3 billion annual cost savings by 2020.

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At the same time, VW will create 2,000 new software jobs, as well as electronics positions in technical development, it said.

VW's electric auto portfolio is limited at the moment, but the company hopes to sell at least 1 million battery-powered vehicles by 2025.

FILE PHOTO: An employee holds a Volkswagen logo in a production line at the Volkswagen plant in Wolfsburg, Germany March 1, 2019.

Volkswagen states that first adopters of the I.D. will receive special, launch-edition cars, but has not specified how these will stand out from subsequent models. Order books for electric ID hatchback open on May 8 and sales chief Juergen Stackmann said feedback from dealers is so strong that the model might be sold out before its official presentation in September. Diess, who also heads up the VW brand, has been axing slow-selling models and auto variants to reduce complexity.

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