Volkswagen CEO hints at 50,000 job cuts
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Volkswagen CEO Oliver Blume told employees in an internal memo seen by Reuters on Monday that the company may cut up to 50,000 more jobs, based on calculations aimed at bringing the automaker in line with its cost competitiveness.
Blum stated that after already agreeing to cut 50,000 jobs across the group, including at its subsidiaries Porsche and Audi, the company must work on further cost reductions after estimating its costs are 20% higher than those of its peers (Reuters).
The memo indicated that this translates to a "theoretical" reduction of up to 50,000 more jobs globally.
"We are currently evaluating all brands, companies, and regions to determine what adjustments are necessary and actually feasible," Blume said in the document.
Original source: Maaal
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