By David Sachs

Volkswagen has reached a deal with workers on job cuts that will help the flagship brand contribute up to 4 billion euros ($4.37 billion) to the group next year.

The German carmaker said that it aims to cut administrative staff costs at the Volkswagen brand by 20% as part of its cost-savings measures meant to save the group EUR10 billion. The move should help the Volkswagen brand reach its 6.5% profitability target by 2026.

The brand will maintain the current hiring freeze, it said. Other measures include cuts to development times and procurement improvements, the company said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

December 19, 2023 09:46 ET (14:46 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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