Volkswagen eyes up to 100,000 job cuts, Oliver Blume pitching
Volkswagen, which owns Audi and Porsche, is planning a major shake-up: up to 100,000 jobs could be cut and four German factories may close.
The goal? To help the company stay competitive in a tough auto market.
CEO Oliver Blume will pitch this plan to the supervisory board next month.
Volkswagen plan seeks €11bn savings, unions alarmed
The restructuring aims to save €11 billion ($12.5 billion) by the end of this decade (2029) and has already scaled back production capacity from 12 million toward about nine million vehicles a year.
The targeted factories are in Neckarsulm, Hanover, Zwickau, and Emden.
Labor unions are not happy about the news, calling it unsettling for workers and local communities. Plus, Lower Saxony's government (which has influence on the board and tends to side with unions) is expected to oppose the cuts.