Volkswagen to cut 100,000 jobs around world and shut 4 plants

Volkswagen is planning to cut up to 100,000 jobs and shut four plants in the biggest overhaul in its history. The carmaker, the world’s second-largest, is aiming to slash investment by around 15% as it faces continued pressure from Chinese electric-vehicle manufacturers.

It has been revealed that Volkswagen is set to restructure, including slashing investment by over £112 billion in the next half decade. It is driven by a decline in profits, high domestic operating costs and intense electric vehicle competition. The headcount reductions include 100,000 job losses worldwide, eliminating 50,000 positions in Germany by 2030, slicing 19,000 jobs by the end of 2026 and reducing executive salaries by 10%. Meanwhile, four plants in Germany have also been earmarked for closure, including Hanover, Zwickau, Emden, and Audi’s Neckarsulm facility.

The restructuring is being led by CEO Oliver Blume and CFO Arno Antlitz.

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