Volkswagen

Shares of Volkswagen have dropped nearly 27% so far this year

[BERLIN] The Volkswagen Group is expected to sell only 8.5 million cars worldwide in the current year, German business outlet WirtschaftsWoche reported on Tuesday (Sep 1), citing a supervisory board document.

VOLKSWAGEN’S controlling families dialled up the pressure on the German auto group’s stakeholders on Friday (Aug 7), backing management’s push for a dramatic restructuring that could cost tens of thousands more jobs.

[BERLIN] Volkswagen could cut around 50,000 additional jobs based on calculations aimed at bringing the carmaker into line with the cost competitiveness of other companies, CEO Oliver Blume told staff in an internal memo seen by Reuters on Monday (Jul 13).

Amid mounting competition, CEO Oliver Blume is fighting to make the automotive group leaner

Shifting R&D to the country helps traditional automakers bulk up their tech abilities

The plans will include significant cost reductions, the four plant closures and roughly 50,000 extra job cuts, sources say

It will discontinue production at four of the group’s German plants

In a joint letter, they are calling for 70% of vehicles sold in EU to source 70% of their value from within the bloc