German automaker Volkswagen (VW) has announced plans to cut 30,000 jobs worldwide, aiming to revive its brand after the emissions scandal and develop new electric and self-driving cars, a report said.

While Germany will bear about 23,000 of the losses, VW will create 9,000 jobs as part of investments in new products, reported BBC.

The cuts should bring annual savings of more than $3.9 billion by 2020, the report said.