Volkswagen may cut up to 20,000 jobs in the next three years at its core VW brand in a sweeping restructuring program that could also lead to a reduction in production capacity, it said on Friday.
Shares in the world’s fourth-largest carmaker rose more than 8 percent to a high not seen in more than three years following the news, helped as well by better-than-expected 2005 earnings and a upbeat forecast for 2006. VW said it expects higher operating profit before special items and slightly higher revenue this year.
