Volkswagen to cut 100,000 jobs by end of decade
20 days ago
- Volkswagen announced a total of 100,000 job cuts by the end of the decade, the largest restructuring in global car industry history.
- The cuts include 50,000 reductions already agreed upon plus an additional 50,000 approved by management and unions.
- The company cited the need to align workforce levels with economic realities amid US tariffs, Chinese competition, and weak EV demand.
- The future of four major German plants in Hannover, Emden, Zwickau, and Neckarsulm is uncertain, potentially marking first full-scale factory closures in Germany.
- CEO Oliver Blume emphasized the cuts as a signal for future competitiveness, with focus on North America and Global South exports.
- Plans include a multi-billion euro investment in R&D, faster decision-making, and reducing business holdings by about one-third.