By David Sachs

Volkswagen on Thursday said it will cut 269 jobs from its Zwickau electric-vehicle factory in eastern Germany and likely reduce shift work as a result, citing current market conditions.

The German car maker said it has hired more than 3,000 new employees to the plant in recent years, most of whom are on temporary contracts. Of those contracts, 269 that are about to expire won't be renewed while 540 have been extended into permanent positions, a spokesperson said in an emailed statement.

"Volkswagen remains 100% convinced of the path to electromobility," the spokesperson said. "The Zwickau location plays a central role in this."

The news of the jobs cuts was first reported by German news agency dpa.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

September 14, 2023 09:19 ET (13:19 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Volkswagen (TG:VOW)
Historical Stock Chart
Von Apr 2024 bis Mai 2024 Click Here for more Volkswagen Charts.
Volkswagen (TG:VOW)
Historical Stock Chart
Von Mai 2023 bis Mai 2024 Click Here for more Volkswagen Charts.