Aaron Kirchfeld, Sebastien Ash and Ivan LevingstonUpdated Jun 30, 2026 – 12.10pm, first published at 12.00pmVolkswagen chief executive Oliver Blume had less than 48 hours to celebrate the lucrative sale of the car maker’s €10 billion ($17 billion) marine engines division before the deal was overshadowed by his plans to axe up to 100,000 jobs.The sale of a majority stake in Everllence and the scale of the cost-cutting plans revealed last week underline the urgency at Volkswagen as it fights fierce competition from insurgent Chinese brands and adapts to the shift to electric vehicles.Financial TimesSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Inside Volkswagen’s brutal plan to save itself from Chinese EVs
The German car maker’s plan to axe tens of thousands of jobs and close four factories is just the start, as it eyes selling off assets to combat Chinese brands.
116 words~1 min read
