Volkswagen flags 50,000 job cuts across group as board approves turnaround plan

Volkswagen’s supervisory board has approved a major transformation plan that includes the reduction of 50,000 jobs across the group. This decision follows the company's efforts to address significant operational challenges, including the impact of international tariffs, internal overcapacity, and increased competition from Chinese automotive manufacturers. The cuts affect various brands under the Volkswagen umbrella, including Audi, Porsche, and Skoda.

This latest round of layoffs is part of a broader long-term strategy for the automotive giant. The company has outlined plans to eliminate a total of 100,000 positions by 2030 as it seeks to stabilize its financial position and navigate a shifting global market.