BERLIN -- Volkswagen AG's namesake brand said Wednesday it would cut up to 7,000 administrative jobs over the next five years as the company focuses its spending on technology.
The moves are part of an industrywide shift in which vehicles and manufacturing processes that have been largely unchanged for a century are being redesigned as computing power overtakes horsepower in a new generation of electric and increasingly self-driving vehicles. Ralf Brandstätter, the VW brand's chief operating officer, said on Wednesday the brand would invest EUR4.6 billion in new information technology equipment and systems, largely to digitize routine manual tasks in the company's administrative offices.
Falling profitability has been putting pressure on VW's core brand, which generates nearly half of the Volkswagen group's revenue but less than a third of its profits. The VW marque said this week that operating return on sales fell last year to 3.8% from 4.2% in 2017, below its target of at least 4%, partly due to heavy investment in new technology. The company is now predicting it will achieve a 6% margin in 2020.
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