Kai Grünitz, Olaf Lies, Robert Müller, Jörg Tegeler, and Martin Sander at the handover of the 1.5 million ID. model in Emden. Copyright: Volkswagen AG.
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Volkswagen is in trouble. Two weeks ago, Germany’s Manager Magazin reported that CEO Oliver Blume had floated an idea to close four factories and eliminate 100,000 workers, both in Germany and around the world, by 2030. It said the plan would be made public at a company board meeting on July 9. The factories affected were said to be those in Hanover, Zwickau, and Emden, as well as the Audi factory in Neckarsulm.
If implemented, the plan — known internally as the Group Target Picture — would effectively transform Volkswagen AG into a new company, Manager Magazin said. It claimed the restructuring would eliminate about one seventh of the group’s global workforce, open the company further to capital markets, and significantly reduce employee influence. The plan would be taken up by the full Volkswagen Group board on July 9, 2026.
That meeting took place as scheduled yesterday. Afterwards, the company released this statement: “The Executive Board of the Volkswagen Group is continuing the strategic realignment of the company to sustainably strengthen its competitiveness. In today’s meeting, the Executive Board presented the Supervisory Board with a comprehensive package of measures comprising 12 initiatives and the 2030 target picture.
