Volkswagen (VW) will cut an additional 50,000 jobs across its global automotive group, bringing the total cuts to 100,000 by 2030, the carmaker has announced.
As part of its Future Plan 2030, sweeping cost cutting measures will be implemented across the group, as well as model reductions.
While rumours about the 100,000 job cut, which amount to roughly 15% of the group’s global staff, had been circulating earlier this year in the German press, the plans have now been formally approved by VW’s supervisory board.
In total, the plan includes 12 “initiatives” designed to make the group and its brands “more resilient and competitive under demanding market conditions”.
As well as the additional 50,000 job cuts, the other headline initiative of the restructure includes a staggered phase-out of production from 2031 to 2034 at four German plants: Emden, Zwickau, Hanover and the Audi site in Neckarsulm.
Focusing production on its “most compelling vehicles”, the group will also cut 50% of its model...