Volkswagen Plans Up to 100,000 Job Cuts and Factory Closures in Major Restructuring
Volkswagen CEO Oliver Blume is reportedly planning a major restructuring that could cut up to 100,000 jobs globally and close four German factories in Hanover, Zwickau, Emden, and Audi's Neckarsulm plant. The company aims to reduce investment by about 15% over five years and consider spinning off its core Volkswagen brand and parts manufacturing. These measures respond to pressures from tariffs, rising costs, and growing competition from Chinese electric vehicle makers. The plan faces potential resistance from labor unions and Volkswagen's supervisory board.