Volkswagen says to cut 50,000 jobs as profit slides
CNA
WOLFSBURG, Germany: Volkswagen said Tuesday (Mar 10) that it would cut 50,000 jobs in Germany by 2030 as its profit slid to its lowest level since 2016."In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany," Volkswagen CEO Oliver Blume said in a letter to shareholders
WOLFSBURG, Germany: Volkswagen said Tuesday (Mar 10) that it would cut 50,000 jobs in Germany by 2030 as its profit slid to its lowest level since 2016.
"In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany," Volkswagen CEO Oliver Blume said in a letter to shareholders in the firm's annual report.
The 10-brand group had already struck a deal with unions at the end of 2024 to cut 35,000 jobs by 2030, mostly at its namesake brand, as part of plans to save 15 billion euros a year.
The additional cuts would come from premium brands Audi and Porsche as well as Volkswagen's software subsidiary Cariad, Blume added.
Even before US President Donald Trump slapped tariffs on non-American carmakers last year, Europe's largest automobile manufacturer was facing a triple whammy of stagnant demand in Europe, the costs of investing in electric cars despite patchy demand, as well as cratering sales in China.
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