CEO says VW's accelerated electric cars push will cause job cuts

WOLFSBURG, Germany (Reuters) - Volkswagen VOWG_p.DE said its aggressive push to build electric cars will force it to cut jobs.

Volkswagen VOWG_p.DE said it will launch almost 70 new electric models by 2028, accelerating its rollout of zero-emission cars as earnings revealed the operating margin at its core brand had taken a hit.

“The reality is that building an electric car involves some 30 percent less effort than one powered by an internal combustion engine,” Herbert Diess explained at the company’s annual results press conference in Wolfsburg on Tuesday.

“That means we need to make job cuts, and achieving this purely through fluctuation and partial retirement will be difficult,” Diess said.

Reporting by Edward Taylor; Editing by Tassilo Hummel