New Blow To German Auto Sector As Audi Announces Job Cuts

Source: International Business Times

Audi is the latest German automaker to face turbulence AFP Premium carmaker Audi said Monday it will cut 7,500 jobs by 2029 in Germany, citing "immense challenges" as the country's auto industry battles slowing electric vehicle demand and rising Chinese competition. The cuts -- amounting to about eight percent of Audi's global workforce -- were aimed at boosting "productivity, speed and flexibility" at its factories in its home market, the manufacturer said. "The economic conditions are becoming increasingly tougher, competitive pressure and political uncertainties are presenting the company with immense challenges," Audi, a subsidiary of Volkswagen, said in a statement.