Volkswagen has reached a deal to cut up to 30,000 jobs from its workforce, or nearly 5% of its headcount, Bloomberg reports, citing comments from VW brand Chief Herbert Diess at a press conference in Wolfsburg.

The headcount reduction will come through attrition, and the automaker also agreed to refrain from forced layoffs until 2025. Diess commented, "This is a big step forward, maybe the biggest in the company's history. All manufacturers must rebuild themselves because of the imminent changes for the industry. We need to brace for the storm." Reference Link