Volkswagen is planning to reduce headcount and implement a €10B savings plan amid the shift to electric vehicles. The company, led by Thomas Schaefer, the Volkswagen Brand Chief, cited high costs and low productivity as reasons for the restructuring. Talks with the works council are underway regarding cost-cutting at the VW brand. The move reflects the broader dynamics of the car industry's decline. Additionally, furloughed workers at Volkswagen's former plant in Russia are being offered redundancy as the new owners struggle to resume output.
⚠️ SIX MONTHS AFTER VOLKSWAGEN EXIT, IDLE RUSSIAN CAR PLANT OFFERS WORKERS REDUNDANCY Furloughed workers at Volkswagen's former plant in Russia are being offered redundancy, according to the union representing them, as the new owners struggle to find a partner to resume output… https://t.co/QifXcJIBuy
Cessna-maker Textron to cut 725 jobs as part of restructuring plan https://t.co/W0rdY9Gq3e https://t.co/Vj5gy2p0W3
In our lead story we look at VW's job cuts and what this tells us about the dynamics of the car industry's decline; https://t.co/VKWTz4IeXi
Volkswagen executives warn works council of job cuts https://t.co/fAmggSo5E2
VW weighs staff reductions as electric shift stalls https://t.co/fiHppOQ6Ww
VW weighs staff reductions as electric shift stalls https://t.co/usjHDMvaat
Volkswagen Plans €10B Savings Plan With Staff Cuts Amid EV Shift: Report The company reportedly warned about high costs and low productivity. The company reportedly is in talks with works council regarding cost-cutting at its VW brand. https://t.co/tCpWCO3BBw
“With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand” — Thomas Schaefer, Volkswagen Brand Chief
“With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand” — Thomas Schaefer
Volkswagen to reduce headcount at 'no longer competitive' VW brand https://t.co/wv33Rx4TqQ