Volkswagen is planning to cut 100,000 jobs and close four manufacturing plants -- three make Volkswagens and one makes Audis -- during the next five years in an effort to better compete with Chinese car manufacturers in Europe. File Photo by Amanda Sabga/UPI | License Photo
June 27 (UPI) -- Volkswagen is set to cut as many as 100,000 jobs, and end production at four of its plants, as part of a restructuring to better counter Chinese rivals in Europe.
The company is one of several German automakers that is making cuts as Chinese companies gain ground in both Germany and the rest of Europe, The Financial Times and Wall Street Journal reported.
BMW and Mercedes-Benz, as well as Stellantis and Renault, have lost market share in Europe as BYD, Chery and other Chinese brands have surpassed 10% of car sales on the continent after years of slow growth.
Volkswagen already had agreed with its employee's unions to cut 50,000 jobs in Germany by the end of 2030 as part of making it "more efficient and leaner," but some experts have questioned whether the increased moves will have their intended effect, the reports said.
