Report: VW axing 30,000 jobs mainly in Germany

Wolfsburg, Germany – Volkswagen Group will cut 30,000 jobs globally as part of a plan to save €3.7 billion by 2020, according to a Reuters report.

Of that amount, 23,000 of the job loss will be in Germany, the report added.

The German car-maker also said that it would invest €3.5 billion to transform the brand and its German plants, Reuters added.

The announcement comes at a time when VW Group is shifting focus to electric, connected and self-driving cars.