Volkswagen Plans to Cut Up to 100,000 Jobs Worldwide
Volkswagen, the group behind Porsche and Audi, is planning to cut as many as 100,000 jobs globally as profits fall and competition from China intensifies.
Volkswagen is planning to cut up to 100,000 jobs across its global operations, according to reports, as the group grapples with falling profits and fierce competition from Chinese carmakers.
The group, which includes Porsche and Audi, has seen a steep drop in earnings amid a costly transition to electric vehicles.
Pressure on all sides
The scale of the plan reflects the squeeze facing Europe's biggest carmaker.
What it means for workers
Job losses on this scale would ripple through supplier towns and regional economies that depend on the car industry. Unions are expected to push hard against forced redundancies and to seek guarantees on plants.
The electric shift
Legacy carmakers are spending heavily to catch up in the electric era while defending shrinking margins on petrol models. Volkswagen's plan underlines how painful that balancing act has become.
Attention now turns to negotiations with worker representatives over how deep the cuts go and where they fall.
