Volkswagen will cut out roughly one in seven workers and could shut four German plants
German car giant Volkswagen is set to shed around 100,000 jobs worldwide after management and unions agreed to cut a further 50,000 positions by the end of the decade, the company has said. The reductions would amount to roughly one in seven of its global workforce.
Volkswagen, like much of German industry, is facing a severe financial and operational crisis, having watched profit margins collapse. CEO Oliver Blume has cited the loss of Russian energy as a key factor, along with increased competition from China.
The scale of the restructuring marks a dramatic…
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