Volkswagen CEO Reportedly Plans Up To 100,000 Job Cuts In Major Overhaul
Volkswagen CEO Oliver Blume is reportedly planning a massive restructuring that could lead to up to 100,000 job cuts worldwide over the next few years, according to Manager Magazin.
The report says Volkswagen may also end production at four German plants, including sites in Hanover, Zwickau, Emden and Audi’s Neckarsulm facility. If implemented, this would become one of the biggest overhauls in the company’s 89-year history.
The proposed plan comes as Volkswagen faces rising pressure from Chinese electric vehicle makers, higher costs, tariffs and the expensive shift toward electric mobility.
Manager Magazin also reported that Volkswagen may reduce planned investments by around 15 percent to just over €130 billion over the next five years.
Volkswagen has not confirmed the reported job cuts, saying it does not comment on confidential documents. The company said major decisions would go through its official governing bodies.
Unions and Volkswagen’s works council are expected to strongly oppose any large-scale job cuts or plant closures.
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