According to German media, VW is considering cutting up to 30,000 jobs as it seeks to save billions of euros amid a slowdown in the automotive market.
The company recently indicated it may close some of its German factories for the first time in its history, as it faces challenges in transitioning to the electric vehicle market.
Analysts at Jefferies suggest that VW is contemplating the closure of two to three plants, potentially putting up to five German sites at risk and threatening 15,000 jobs.
However, Manager Magazin, a prominent German business publication, has reported that the number of jobs under threat could rise to 30,000.
A VW spokesperson responded: “We do not confirm this figure. What is certain is that Volkswagen needs to reduce costs at its German locations.
This is the only way for the brand to offer competitively priced vehicles while generating sufficient funds for future investments. How we will accomplish this with employee representatives will be discussed in upcoming talks.”
Germany’s economy minister, Robert Habeck, stated today that the government is exploring ways to support Volkswagen, acknowledging the company’s crucial role in the country. “VW is of central importance to Germany,” he said.
