Volkswagen to cut up to 7,000 jobs to save $6.7 bn annually

German automaker Volkswagen on Wednesday said it would eliminate up to 7,000 jobs by 2023. The move is aimed at delivering $6.7-billion annual savings at its core Volkswagen brand. This comes a day after the company said it would cut jobs as it speeds up the roll-out of electric cars, which are less complex to build and require fewer workers.