Volkswagen planning to cut up to 100.000 jobs globally
6 hours ago
- #Automotive Industry
- #Corporate Restructuring
- #Global Competition
- Volkswagen CEO confirms plans to cut up to 100,000 jobs globally, doubling earlier estimates.
- Profits fell sharply from €22.6bn in 2023 to €8.9bn last year due to sales declines in China and the US, and competition from Chinese brands.
- The company faces 20% higher costs than rivals and is assessing the necessity and feasibility of adjustments across all brands and regions.
- Four German factories, including electric car plants in Zwickau and Emden, are under threat due to high operating costs.
- Previous agreement with IG Metall aimed to cut 50,000 jobs by 2030, but new plans are more extensive, sparking protests and negotiations.