- England captain Stokes back from injury for second Pakistan Test
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- South Korea military says 'fully ready' as drone flights anger North
- Pakistan 'vigilantes' behind rise in online blasphemy cases
- Nearly 90, but opera legend Kabaivanska is still calling tune
- Smith experiment as Test opener over, Green out of India series
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Dodgers crush Mets 9-0 in MLB playoff series opener
- South Korea military says 'fully ready' as drone tensions soar
- Cummins back, Marsh and Head out of Pakistan ODI series
- Shanghai stocks swing after stimulus briefing as most of Asia rises
- New Zealand's Latham promises 'no fear' as he takes charge for India Tests
- Kyrgios vows to 'shut up' doubters with December comeback
- Public hearings start into death of Brit by Russian nerve agent
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- 'Stolen satire' feeds US election misinformation
- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
- Carter, Billups among 13 new Basketball Hall of Fame inductees
- Ravens rip Commanders as Lions lose NFL sacks leader in win
- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
Volkswagen to reduce workforce as it chases profits
Volkswagen said Wednesday it would cut its workforce over the coming years as the German auto giant seeks to boost its profitability and reboot a faltering shift to electric cars.
"Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said.
The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added, in a statement issued after a meeting with employees in Wolfsburg, where the firm is headquartered.
He did not indicate how many roles would be affected at the 10-brand group, whose marques include Audi, Skoda and Seat.
But he said the aim was to reduce staff costs in areas outside production by about 20 percent.
He stressed this did not mean having 20 percent fewer people, and most savings would "come from process improvements and structural adjustments".
Volkswagen has some 675,800 employees worldwide.
The group announced in June a 10-billion-euro ($10.8 billion) savings programme to help increase profitability -- its profit margins are currently languishing behind its long-term target of between nine and 11 percent.
The group is pouring tens of billions of euros into its pivot to electric vehicles, but the sector has been blighted by a weak global economy and low levels of demand.
In addition, it is facing a serious challenge from homegrown rivals in China, one of its most important markets.
Like other manufacturers in Europe's biggest economy, it is also battling rising costs due to high inflation and elevated energy prices since the outbreak of the Ukraine war.
On Wednesday, Thomas Schaefer, head of the Volkswagen brand, outlined measures that had already been decided upon to reduce costs.
These range from dropping a plan to build a new research and development centre, to speeding up product development.
In September, VW said it was cutting 269 temporary jobs at its flagship electric car plant in Zwickau.
D.Moore--AMWN