VWAGY
Volkswagen AG
VWAGY
Volkswagen AG
Volkswagen announced a further 50,000 job cuts as it forges ahead with its restructuring plan. The carmaker's shares jumped on Friday as investors welcomed the cost-cutting plan.
Volkswagen is planning 50,000 job cuts in roughly three years. It comes as European automakers face stiff competition from low-cost Chinese automakers.
Volkswagen ETR: VOW3 reported lower first-half vehicle deliveries and weaker profit as sharply declining demand in China, U.S. tariff costs and intense competition weighed on results, while management
German auto giant Volkswagen on Friday reported weaker-than-expected second-quarter profit and revised down its sales forecast for 2026.
An internal memo reveals Volkswagen faces a 20% cost disadvantage, with up to 100,000 total job cuts now under consideration across all brands.
Volkswagen's management plans to drastically reduce its model lineup and further cut capacity. The update followed a high-stakes boardroom showdown with the group's supervisory board.
Volkswagen is bracing for a high-stakes boardroom showdown on July 9. It follows reports that the German auto giant is weighing up closing four factories and implementing as many as 100,000 job cuts.