Volkswagen announces it will cut 100,000 jobs by 2030
Under-pressure carmaker will shed 15% of workforce and halve its product line in sector’s biggest ever restructure
TL;DR
- Volkswagen will cut 100,000 jobs by the end of the decade.
- This will be achieved through a further reduction of 50,000 positions by 2030, adding to 50,000 already agreed.
- The number of car models produced by the Volkswagen group will be halved.
- Four production plants in Germany may be closed within eight years.
- The cuts amount to approximately 15% of the company's employees.
- The restructuring is a response to US tariffs, competition from Chinese rivals, and declining sales in China.
- The supervisory board has unanimously approved the executive board's future plan.