Volkswagen Confirms Cutting 50,000 Jobs As Part Of Its Survival Plan
It’s also repurposing its German factories and, reportedly, shutting down the Spanish brand Seat.
Volkswagen
Volkswagen has approved its Executive Board's "Future Plan 2030." The company calls it the "most strategically profound transformation program" in its history, with a primary financial goal of achieving an operating margin of nine percent by — you guessed it — 2030. If you were thinking that description sounds ominous for the company's people, you would be right. Part of the plan is cutting 50,000 jobs, including management roles.
The company says it has to undergo workforce adjustment due to "intensifying global competition, shifting demand and technological change in the automotive industry." Volkswagen announced earlier this year that it was going to shed 50,000 roles, citing President Trump's tariffs and losing car sales to the booming domestic competition in China, which is the world's largest car market. By June, however, reports were going...
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