Volkswagen reportedly plans to cut 100,000 jobs worldwide
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Berlin: Volkswagen, the German automobile manufacturer, is reportedly intending to cut up to 100,000 jobs globally as part of a massive restructuring aimed at lowering costs and increasing competitiveness. The reported layoffs would nearly quadruple the company's previously announced 50,000 job cuts until 2030.
The restructuring could possibly include the closure of four manufacturing units in Germany, one of the most significant shake-ups in Volkswagen's history. The company is also likely to examine investments and restructure aspects of its operations.
Volkswagen's performance has been negatively impacted by a number of factors, including the impact of U.S. tariffs, tough competition from Chinese electric vehicle manufacturers, and weakening demand in Europe.
Volkswagen admitted that the company had to go through a ‘far-reaching’ transition in order to stay competitive in the quickly evolving global automotive market, even though it has not confirmed the rumoured figure of 100,000 job cutbacks.
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