Berlin [Germany], March 18: German luxury automaker Audi announced on Monday that it will slash 7,500 jobs in Germany by 2029, adding to a growing wave of layoffs across the country's auto industry as companies push to reduce costs and shift to electric vehicles.
Audi's job cuts will affect non-production roles, including administration, marketing and development. Along with further salary reductions, the move is expected to save around 1 billion euros (1.09 billion U.S. dollars) in labor costs annually in the mid-term, the Volkswagen subsidiary said.
Of the total positions being eliminated, 6,000 will be cut by 2027, with the remaining reductions completed as of 2029.
As part of its push to remain competitive, Audi plans to invest approximately 8 billion euros in its German plants by 2029. The investment will focus on expanding battery-electric vehicle (BEV) production and advancing research in artificial intelligence and digitalization.
Audi currently employs more than 87,000 workers worldwide, including around 55,000 in Germany, where it operates major production facilities at the Ingolstadt headquarters and in Neckarsulm.
Source: Xinhua News Agency
