Volkswagen announces job cuts

10 Feb 2006

Europe's biggest car firm, Germany's Volkswagen has announced restructuring plans that will require 20,000 jobs to be cut till 2009, even as the company reported preliminary net profit of €1.1 billion (Rs5,800 crore).

Volkswagen is the latest global auto maker to announce restructuring plans to cope with competition from Asian imports. European auto industry analysts expect the bulk of the job cuts at the company's core Volkswagen business.

Ford and GM have announced restructuring plans that include plant closures and elimination of 30,000 jobs each.