Volkswagen will cut 30,000 jobs in a massive restructure, as it tries to recover from the diesel emissions scandal.
Company officials say most of the job cuts will come out of Germany.
It's part of a plan to reform the brand in the wake of revelations its cars were rigged to cheat on diesel emissions tests.
Worldwide, the company has around 610,000 employees.
Volkswagen was forced to pay NZ$21.7 billion after admitting it cheated on US diesel emissions tests for years, agreeing to buy back vehicles from consumers and provide funding that could benefit makers of cleaner technologies.
Earlier this month German prosecutors said they would probe Volkswagen supervisory board chairman Hans Dieter Poetsch over suspected market manipulation related to the emissions scandal.
The investigation by prosecutors in Braunschweig focuses on whether Volkswagen in 2015 manipulated markets by delaying the release of information about the financial impact of its emissions test-cheating scandal.
Reuters / Newshub.