AUDI TO CUT THOUSANDS OF JOB

Luxury brands all over the world are struggling against tough economic times and the car manufacturer Audi can feel the pinch.

The luxury car manufacturer owned by Volkswagen, has announced that it will cut thousands of jobs over the next few years.

Its German sites alone will be subject to 7,500 job cuts.

The aim is to cut costs and the company said “economic conditions are becoming increasingly tougher” and that “competitive pressure and political uncertainties are presenting the company with immense challenges”.

Another reason for the big move is to help Audi transition its production to electronic vehicles. The company plans to invest 1 billion euros over the medium term and eight billion euros over the next five years to help its German plants manufacture EVs.

While the number of jobs to be cut is a massive figure, it represents only 8.6% of Audi’s global workforce.

Audi isn’t the only luxury car manufacturer to announce job cuts. Its owner Volkswagen has announced that it plans to cut more than 35,000 jobs over the next 10 years.

To add to the woes, car manufacturers all over the world have been hit hard by the news announced by United States President Donald Trump that he threatens to slap a 25% tariff on cars imported into America.

Image credit: CNN