Volkswagen's Audi to cut 10 percent of management positions

Volkswagen’s premium auto brand 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 chief executive told daily 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.
Audi said in December it would invest 14 billion euros through 2023 in electric mobility, digitalization and autonomous driving.