German carmaker Volkswagen (VW) plans to cut up to 100,000 jobs worldwide in the coming years, business magazine Manager Magazin reported, citing its own sources.
VW CEO Oliver Blume has presented his restructuring plan to the company's board of directors. The automaker previously announced it would cut 50,000 jobs by 2030 to save money, meaning the new restructuring program would double the number of layoffs. Four Volkswagen plants - in Hanover, Zwickau and Emden - as well as the plant of VW subsidiary Audi in Neckarsulm, could be closed in the medium term.
In addition, the Volkswagen Group management plans to completely restructure the company. Specifically, the group's main car brand, Volkswagen, and its component manufacturing subsidiary will be separated from the group and organized into separate companies. VW currently employs approximately 657,000 people.
Volkswagen's new plans confirm the difficult situation facing the German automotive industry, which is experiencing a severe crisis. A number of car manufacturers and component suppliers have already announced layoffs.