Image source, Getty ImagesByOsmond ChiaBusiness reporter- Published20 minutes ago
The board of German car giant Volkswagen has approved a plan to cut another 50,000 jobs as part of a sweeping turnaround programme. It brings the total number of roles the company plans to shed by 2030 to 100,000.
The group - which includes Audi, Porsche, Skoda as well as the VW brand - said in March that it would cut 50,000 roles by the end of the decade.
The move is a "strong signal" for the future of the firm, which is "taking responsibility for our entire workforce", VW's chief executive Oliver Blume said in a statement on Thursday.
Blume told the BBC in July that the firm was looking to make the additional cuts.
The company has been hit by a drop in profits due to falling sales and fierce competition, especially from Chinese brands.
VW's statement also said that a "fundamental adjustment of the global workforce capability is necessary" to safeguard the competitiveness of the company, which faces shifting demand and technological change.
It added "a Group-wide workforce adjustment of approximately 50,000 positions – including management roles – will be necessary."
As of 2025, the Beetle-maker employed more than 660,000 people worldwide.
