Volkswagen, one of the world’s largest automakers, is reportedly planning to axe as many as 100,000 jobs over the next few years, representing 15% of its global workforce. The job cuts would come alongside the planned closure of four factories in Germany and a 15% reduction in investment over the next five years.
Global Impact
VW employs almost 660,000 people worldwide and had already announced plans to slash 50,000 jobs in Germany by 2030. The company has been squeezed by fresh tariffs on its exports to the United States as well as struggling to counter the rise of Chinese electric vehicles manufacturers.
A Volkswagen spokesperson declined to comment on “internal, confidential documents.” The spokesperson added that the company required “sharper focus as well as stricter discipline over costs and investment” to meet its new reality.
Original reporting: KRDO (Colorado Springs metro) — read the source article.
