Reports say VW could let go of up to 30,000 workers. The company denied that number but didn't say how many people might lose their jobs. Right now, VW employs 298,687 people in Germany alone, according to its 2023 annual report.
Manager Magazin reports that 4,000 to 6,000 of the 13,000 research and development jobs could be at risk. VW also wants to cut €10 ($11.1 / £8.4) billion in investments over the next five years.
In August, VW brand boss Thomas Schäfer talked about the company's problems. He mentioned tough competition, political issues, a weak economy, rising costs, and lower profits on electric cars.
Last month, Volkswagen Group CEO Oliver Blume said the car industry in Europe is in a "very demanding and serious situation." He thinks Germany has fallen behind other countries in being competitive. Blume even brought up the idea of closing some factories.
VW says it has to cut costs at its German locations. The company didn't give exact numbers, but it's clear big changes are coming.
Sources: Manager Magazin, DPA
