Volkswagen eyes 100,000 job cuts, factory closures

Volkswagen eyes 100,000 job cuts, factory closures

Volkswagen AG, the parent company of Porsche and Audi, is planning a major restructuring.

According to Manager Magazin, CEO Oliver Blume has proposed plans to cut as many as 100,000 jobs and close several factories in a bid to make Europe's largest automaker more competitive.

The company currently employs around 657,000 people globally.

Plans to be presented to the supervisory board next month

Blume's restructuring plans will be presented to the supervisory board next month.

However, it is worth noting that these plans could be diluted as labor representatives make up half of the body.

The strategy also includes cutting general overhead costs by €11 billion ($12.5 billion) by the end of this decade and closing four German factories in the medium term.