Volkswagen confirms weighing up to 50,000 more job cuts
Volkswagen's CEO has told employees a further 50,000 jobs could go at the struggling auto giant, according to an internal memo seen by AFP, confirming reports the group is targeting 100,000 cuts worldwide.
The German car titan has come under intense pressure from U.S. tariffs, slimmer profit margins from electric cars and above all intense competition in key market China, whose carmakers are now also increasingly exporting to Europe.
Last week management at the 10-brand group began what could be a long and tough process of thrashing out job cuts in talks with the supervisory board as workers protested at plants nationwide.
Chief executive Oliver Blume told workers in the memo on July 13 that the group must "act now" to safeguard its future.
