Volkswagen, the German car manufacturer, has confirmed it will shed 100,000 jobs by 2030. This decision, agreed upon by management and unions, is part of a comprehensive cost-cutting strategy.
The job cuts, which include an additional 50,000 positions on top of 50,000 already agreed, represent approximately 15% of the carmaker's global workforce. This restructuring is described as the largest ever in the global automotive industry.
Alongside the job reductions, Volkswagen plans to halve the number of car models it produces, which include brands like Bentley and Audi. The company also stated that the future of four German production plants in Hanover, Emden, Zwickau, and Neckarsulm cannot be guaranteed into the 2030s.
Volkswagen group stated that it is "essential to systematically align workforce levels with economic realities." The company has faced pressure from US tariffs, fierce competition from Chinese rivals, and decreasing sales in China, as well as years of falling profits and overproduction in Europe.