German automobile giant Volkswagen is preparing for another major workforce reduction, with plans to eliminate around 50,000 additional positions by 2030. The latest decision takes the total number of jobs the company expects to remove during the decade to about 100,000. The restructuring is among the most extensive undertaken by Volkswagen in nearly nine decades.
\n\nThe company’s supervisory board approved the latest workforce plan on Thursday, as the carmaker continues to contend with slowing demand, pressure on profitability and a rapidly changing global automotive market.
\n\nVolkswagen had previously announced in March that it intended to reduce its workforce by 50,000 positions by the end of the decade.
\n\nThe group, which employs more than 6,60,000 people globally as of 2025, has been facing mounting pressure from a combination of weaker vehicle sales, declining profits and increasingly aggressive competition from Chinese electric vehicle makers.
\n\nCompany To Reduce Costs And Focus On Key Models
\n\nVolkswagen said the restructuring is necessary to adapt its workforce to changing market conditions and technological developments. "A fundamental adjustment of the global workforce capability is necessary" to protect the company's competitiveness amid changing demand and rapid technological shifts, Volkswagen said, as quoted by BBC.
\n\nThe carmaker said the…
Original source: https://www.timesnownews.com/business-economy
