A general view shows the Volkswagen production site in Wolfsburg, Germany, April 28, 2016. REUTERS/Fabrizio Bensch/File Photo
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German carmaker Volkswagen and its labor unions have agreed to 30,000 job cuts by 2021 at its VW brand as part of a plan to boost profitability and fund a shift to electric and self-driving cars after its emissions scandal, a source told Reuters Friday.The agreement, details of which are to be announced at a news conference at 9:30 a.m. local time, foresees 3.7 billion euros ($3.9 billion) in annual savings at VW's namesake brand, which will involve 23,000 job cuts in Germany alone, another source said.At the same time as cutting traditional jobs, the VW brand will create 9,000 new jobs through investments in electric car technology, the source said.
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