Volkswagen Considers Cutting 50,000 More Jobs

Volkswagen is considering cutting approximately 50,000 additional jobs, according to an internal memo from CEO Oliver Blume reviewed by Reuters.

The company has already agreed to eliminate around 50,000 positions, including jobs at its Porsche and Audi subsidiaries. However, Blume said further cost reductions may be necessary because Volkswagen faces a cost disadvantage of about 20% compared with its competitors.

According to the memo, closing that gap could theoretically require the company to cut another 50,000 jobs worldwide.

Blume wrote that Volkswagen is currently assessing across all its brands, subsidiaries and regions how many additional job cuts would be both necessary and feasible.

(Reuters, bak)