WorldEconomy
Volkswagen board approves plan to cut 50,000 jobs and close four German plants
Volkswagen's board approved a sweeping cost-cutting plan that includes 50,000 job cuts, halving its model lineup, and ending auto production at four German plants, citing competition from China and U.S. tariffs.
Volkswagen's board of directors has approved a wide-ranging cost-cutting plan that would eliminate 50,000 jobs, reduce the company's model lineup by about half, and stop automobile production at four German plants.
CEO Oliver Blume said the plan responds to low-cost competition in China and headwinds from U.S. tariffs. The company also said it has excess production capacity of 500,000 vehicles in Europe.
Blume called the plan "a strong signal for the future of Volkswagen Group" and said it would "make our iconic brands even more attractive, stronger and competitive."
The plan overcame opposition from employee representatives and the regional government, which holds a stake in the company.
- Job Cut
- Volkswagen
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WorldEconomy
Volkswagen board approves plan to cut 50,000 jobs and close four German plants
Volkswagen's board approved a sweeping cost-cutting plan that includes 50,000 job cuts, halving its model lineup, and ending auto production at four German plants, citing competition from China and U.S. tariffs.
Volkswagen's board of directors has approved a wide-ranging cost-cutting plan that would eliminate 50,000 jobs, reduce the company's model lineup by about half, and stop automobile production at four German plants.
CEO Oliver Blume said the plan responds to low-cost competition in China and headwinds from U.S. tariffs. The company also said it has excess production capacity of 500,000 vehicles in Europe.
Blume called the plan "a strong signal for the future of Volkswagen Group" and said it would "make our iconic brands even more attractive, stronger and competitive."
The plan overcame opposition from employee representatives and the regional government, which holds a stake in the company.
- Job Cut
- Volkswagen
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