Volkswagen to Cut 50,000 Jobs as Chinese Rivals and EV Costs Squeeze Margins
Updated
Updated · The New York Times · Sep 3
Volkswagen to Cut 50,000 Jobs as Chinese Rivals and EV Costs Squeeze Margins
3 articles · Updated · The New York Times · Sep 3
Summary
Volkswagen said after a supervisory board meeting that it will eliminate about 50,000 additional jobs under a broad restructuring plan.
650,000-plus employees worldwide had been caught in a standoff between management and labor as the carmaker pushed to shrink costs.
IG Metall and other labor leaders backed the plan on Thursday, giving Chief Executive Oliver Blume support to move ahead after months of conflict.
Chinese competition, high energy prices and the expensive shift to electric vehicles are driving the overhaul at one of Germany’s biggest industrial employers.