• FILE - In this Sept. 6, 2016 file photo a worker checks the Volkswagen sign on a Golf car during the so called 'Open Door Day' to celebrate the 25th anniversary of the German manufacturer Volkswagen Sachsen in Zwickau, eastern Germany. Volkswagen will announce its future strategy which might include job cuts in a press conference on Friday, Nov. 18, 2016. (AP Photo/Jens Meyer, file)

    FILE - In this Sept. 6, 2016 file photo a worker checks the Volkswagen sign on a Golf car during the so called 'Open Door Day' to celebrate the 25th anniversary of the German manufacturer Volkswagen Sachsen in Zwickau, eastern Germany. Volkswagen ... will announce its future strategy which might include job cuts in a press conference on Friday, Nov. 18, 2016. (AP Photo/Jens Meyer, file) (The Associated Press)

  • FILE - In this Sept. 26, 2015 file photo a giant logo of the German car manufacturer Volkswagen is pictured on top of a company's factory building in Wolfsburg, Germany. Volkswagen will announce its future strategy which might include job cuts in a press conference on Friday, Nov. 18, 2016. (AP Photo/Michael Sohn, file)

    FILE - In this Sept. 26, 2015 file photo a giant logo of the German car manufacturer Volkswagen is pictured on top of a company's factory building in Wolfsburg, Germany. Volkswagen will announce its future strategy which might include job cuts in a ... press conference on Friday, Nov. 18, 2016. (AP Photo/Michael Sohn, file) (The Associated Press)

  • FILE - In this Jan. 26, 2016 file photo workers assemble a car during a press tour at the plant of the German car manufacturer Volkswagen Sachsen in Zwickau, Germany. Volkswagen will announce its future strategy which might include job cuts in a press conference on Friday, Nov. 18, 2016. (AP Photo/Jens Meyer, file)

    FILE - In this Jan. 26, 2016 file photo workers assemble a car during a press tour at the plant of the German car manufacturer Volkswagen Sachsen in Zwickau, Germany. Volkswagen will announce its future strategy which might include job cuts in a ... press conference on Friday, Nov. 18, 2016. (AP Photo/Jens Meyer, file) (The Associated Press)

Volkswagen to shed 30,000 jobs to cut costs after scandal

Markets Associated Press

Automaker Volkswagen says it will shed 30,000 jobs to cut costs as it tries to recover from its diesel emissions scandal and invests more in electric-powered vehicles and digital services.

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Company officials said at a news conference at headquarters in Wolfsburg, Germany, that 23,000 of the job cuts will come in Germany. It said the measures will save some 3.7 billion euros a year from 2020.

Volkswagen has agreed to pay $15 billion under a settlement with U.S. authorities and owners of some 500,000 vehicles with software that turned off emissions controls. Around 11 million cars worldwide have the deceptive software.

The company has said it aims to cut nonessential costs and investments and shift investment toward battery-powered cars and services such as car-sharing and ride-sharing.