Volkswagen reportedly planning to axe 100k jobs
7 hours ago
- #automotive-industry
- #restructuring
- #layoffs
- Volkswagen plans to cut up to 100,000 jobs (15% of global workforce) over the next few years.
- The company will close four German factories and reduce investment by 15% over five years.
- Volkswagen intends to spin off its main brand and auto parts business into separate entities.
- Job cuts face strong opposition from German unions, which vow to resist the plans.
- The automaker is pressured by US tariffs on exports and competition from Chinese EV makers like BYD.
- Volkswagen’s stock has fallen over 25% this year, with shares down 1.5% on the day of the report.