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
READ MORE
Govt Moves to Reform Power Sector Regulatory Framework
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the first meeting of the…
Apple Appoints Salman Dar as First Head of Government Affairs in Pakistan
Apple has appointed Salman Dar as its first Head of Government Affairs for Pakistan, marking…
From Slide Rules to Artificial Intelligence — An Engineer’s 60-Year Journey
Engr. Farooq Mehboob reflects on six decades of engineering, from manual calculations and slide rules…
Engineering, Public Service and Nation Building: The Journey of Engr. Mukhtiar A. Shaikh
From the classrooms of Dawood Engineering College to leadership roles in public service, industry, and…
Building a Stronger Nation: Tahir Sultan on Engineering, Governance, and Economic Revival
Engineering Review: In the aftermath of the Middle East war, Pakistan’s fault lines and weaknesses…
Anthropic Researcher Resigns Over AI Safety Concerns
An Anthropic researcher has resigned from the artificial intelligence (AI) company, warning that leading AI…