Volkswagen to cut 30,000 jobs

Berlin: German auto giant Volkswagen announced on Friday that it was cutting 30,000 jobs as it tried to boost profits in the wake of a huge emissions scandal. The automaker said the cuts were needed to reduce costs as it works to overhaul its plants in Germany, CNN reported.

The vast majority of the job cuts — 23,000 — will come in its home market. The company said reductions in Germany was agreed with union leaders and will be achieved by voluntary redundancies, closing positions as they become vacant and early retirement.

Volkswagen employs more than 610,000 workers worldwide. The automaker is facing tens of billions in fines and compensation payments after it was found to be cheating on emissions tests.