Audi plans to eliminate one layer of management or about 10 percent of the division’s executive positions in a cost cutting drive, the unit’s CEO told German newspaper Handelsblatt.

“One thing is clear, our cost base is too high,” Audi CEO Bram Schot was quoted as saying.

He reaffirmed a target for a total of 15 billion euros ($17 billion) in cost savings through 2022.

READ ALSO: Mercedes Benz outsold Audi on sedan in China last month

Audi said in December it would invest $15.9 billion through 2023 in electric mobility, digitalization and autonomous driving.

The division is at risk of losing its position as VW’s leading development center as the parent explores potential technology alliances with Ford and other rivals.

Audi aims to reduce the number of engine types by one-third and is also in talks with shop stewards about stopping the night shift at its Ingolstadt factory, Schot was quoted as saying by Handelsblatt.

LEAVE A REPLY

Please enter your comment!
Please enter your name here