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Here s Why Volkswagen Is Planning On Cutting 5,000 Employees 03/14/21 AT 12:28 PM German automaker Volkswagen announced Sunday that it is planning to cut thousands of jobs. The company plans to offer older employees early or partial retirement, Handelsblatt reported, per Reuters. Volkswagen will be splitting 500 million euros, or $598 million, among the 5,000 employees. Handelsblatt reported that this move would save the company billions of dollars in the long run, so it can focus on the financing of electric vehicles. Electric vehicles are less complex to build and require fewer workers, Reuters noted. In November, Volkswagen said planned to build 1.5 million electric cars by 2025. ....