Volkswagen CEO warns staff of potential 50,000 additional job cuts

Corporate Action Impact 4
โดย Just Auto·Read original
Summary · why it matters

Volkswagen CEO Oliver Blume has warned staff that a further 50,000 jobs could be axed, the first internal acknowledgement that total cuts may reach 100,000. The group has already agreed to 50,000 job losses, including at its Porsche and Audi divisions. In an internal memo, Blume said the company had identified a 20% cost disadvantage relative to peer firms, necessitating additional cuts, which translates into a theoretical deduction of another 50,000 positions globally. Labour representatives on the supervisory board rejected the proposals, which reportedly included job cuts and the possible closure of four plants. Blume indicated a preference for intelligent solutions over closures, pointing to defence sector work or the production of Chinese VW models in Europe as possible uses for underutilised sites.

Impact on stocks 4

Consumer Discretionary▼ · 2 stocks
Volkswagen AG
VOW
▼ NegativeDemandrelevance

CEO warns of up to 100,000 job cuts due to 20% cost disadvantage, reflecting weak demand and structural challenges.

Electrification & Mobility▼ · 2 stocks
Porsche AG
P911
▼ NegativeDemandrelevance

Porsche division included in 50,000 job cuts already agreed, indicating weak demand or cost pressure.

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