Volkswagen intends to reduce about 100 thousand people in the coming years

The German carmaker Volkswagen AG (VAG) intends to cut 100,000 jobs in the coming years. This was announced on June 26 by Oliver Blume, CEO of the concern.

"Blum wants to significantly increase job cuts, actually close four German factories and even spin off the VW brand into a new company. Volkswagen will become a new company," reports Manager Magazin.

Blume also announced his intention to reduce investments by about 15% to €130 billion over the next five years and withdraw the Volkswagen brand from VAG jurisdiction as part of optimizing work processes and reducing the group's losses.

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Reuters reported on June 25 that the French carmaker Renault Group also plans to cut 800 engineering positions in France by the end of 2027 to increase competitiveness amid the expansion of Chinese manufacturers.