Volkswagen Chief Executive Officer Oliver Blume plans to cut up to 100,000 jobs worldwide over the next few years as part of a sweeping restructuring programme, according to a report by Manager Magazin.
The report said Blume also intends to reduce the automaker’s investment by around 15% to just over €130 billion ($148 billion) over the next five years.
Citing sources, the magazine said Blume and Chief Financial Officer Arno Antlitz are preparing a major overhaul of the company that would separate the core Volkswagen passenger car brand and the group’s parts manufacturing business into independent entities.
The report added that Volkswagen is considering closing production facilities in Hanover, Zwickau and Emden, as well as Audi’s plant in Neckarsulm, after the current vehicle models produced at those sites are phased out.
Volkswagen did not immediately respond to a request for comment on the report.-ERMD/TS
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