© 2014 Bloomberg FinanceTopline: German carmaker Audi has revealed it will cut 9,500 of its 61,000 jobs in Germany by 2025 to free up funds to invest in electric vehicles. Audi is also increasing its capacity to produce electric vehicles. Plants in Ingolstadt and Neckarsulm are equipped to produce electric vehicles, Audi said, while more of its production lines will be equipped to do so. Rival Daimler, which owns Mercedes-Benz, announced plans earlier this month to cut more than 1,000 jobs. The first Audi electric car hit the road in 2019, and VW plans to sell 1 million electric vehicles a year by 2025.

Source: Forbes November 26, 2019 17:15 UTC