Volkswagen to shed 30,000 jobs to cut costs after scandal

Automaker Volkswagen says it will shed 30,000 jobs to cut costs as it tries to recover from its diesel emissions scandal and invests more in electric-powered vehicles and digital services.

Company officials said at a news conference at headquarters in Wolfsburg, Germany, that 23,000 of the job cuts will come in Germany. It said the measures will save some 3.7 billion euros a year from 2020.

Volkswagen has agreed to pay $15 billion under a settlement with U.S. authorities and owners of some 500,000 vehicles with software that turned off emissions controls. Around 11 million cars worldwide have the deceptive software.

The company has said it aims to cut nonessential costs and investments and shift investment toward battery-powered cars and services such as car-sharing and ride-sharing.