Volkswagen is reportedly preparing the most radical overhaul in its history, which could involve cutting up to 100,000 jobs worldwide over the coming years. This potential reduction would represent a doubling of previously announced staff cuts.
As part of an effort by CEO Oliver Blume to make Europe's biggest automaker more competitive, the company may shutter factories and end production at four German plants. These moves come as the company faces competition from China.
Volkswagen has been working on plans for this major overhaul for months. The company noted that both the group and the broader automotive industry are undergoing a far-reaching transformation.
While declining to comment on the specific reports, the group stated that the relevant facts of the matter will be discussed and approved by the relevant bodies. Volkswagen added that its current business model no longer works for all brands in its present form.