economy
Volkswagen to Cut 19,000 Employees in Germany by Year-End
Volkswagen continues to implement a large-scale reduction program in Germany: by the end of the year, the concern's staff will decrease by 19,000 people. The company's CEO Oliver Blume will inform shareholders about this at the annual meeting, Reuters writes.
TL;DR
- Volkswagen will cut 19,000 jobs in Germany by the end of the year.
- This is part of a larger restructuring aiming to reduce the German workforce by approximately 50,000 by 2030.
- Brands affected include Volkswagen (35,000 jobs), Audi (7,500), Porsche (1,900), and IT division Cariad (1,600).
- Production costs at German VW plants have already been reduced by over 20% by 2025.
- Nissan is also planning job cuts in its European division and consolidating production lines in Sunderland.