London —
Volkswagen, one of the world’s largest automakers, is reportedly planning to axe as many as 100,000 jobs over the next few years, representing 15% of its global workforce.
The job cuts would come alongside the planned closure of four factories in Germany and a 15% reduction in investment over the next five years, according to a report Friday by Manager Magazin, a German business magazine.
The report added that Volkswagen – Germany’s biggest automaker and one of its major employers – is planning to spin off its main Volkswagen brand and auto parts business into separate entities. The company owns several other brands including Audi and Porsche.
A Volkswagen spokesperson declined to comment to CNN on “internal, confidential documents.”
