Faced with the biggest crisis in its history, Volkswagen (OTCPK:VLKAY) and its labor unions have agreed to a turnaround plan that will boost profitability and fund a post-Dieselgate shift to electric and self-driving cars. The agreement foresees €3.7B in savings every year through 2020 and 30,000 job cuts worldwide at VW’s namesake brand. The business “needs a real shake-up and that is exactly what the future pact has turned out to be,” said CEO Matthias Mueller.
