Volkswagen planning to cut up to 100,000 jobs globally
Summary
Volkswagen Group plans to cut up to 100,000 jobs worldwide, which is double the number it planned before. The company’s profits have fallen due to lower sales in China and the US, and it needs to reduce costs to stay competitive.Key Facts
- Volkswagen includes brands like Porsche, Audi, Seat, Skoda, and VW itself.
- The company previously planned to cut 50,000 jobs in Germany by 2030.
- Recently, Volkswagen’s profits dropped sharply from €22.6 billion in 2023 to €8.9 billion last year.
- Sales in China fell by 26% in the first half of the year, and US sales dropped over 7%.
- Chinese car brands are gaining ground by offering new technology and lower prices.
- Volkswagen’s CEO said the company’s costs are 20% higher than rivals.
- Four German factories, including two that make electric cars, may be closed because they are costly to run.
- The company made a deal with the German union IG Metall to cut 35,000 jobs socially responsibly, but new plans suggest cuts could be much bigger.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
