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3 weeks ago

Volkswagen CEO says automaker weighing 50,000 additional job cuts

Volkswagen's leadership is warning that the company may need to cut an extra 50,000 jobs to stay competitive with auto industry rivals, according to an internal memo sent to staff.The German automaker previously announced plans to cut 50,000 jobs across the company, including at its subsidiaries Porsche and Audi, and CEO Oliver Blume said in a memo reviewed by Reuters that further cuts are needed because Volkswagen is operating at a 20% cost disadvantage relative to its competitors.The memo said that situation means a "theoretical deduction" of another 50,000 jobs across the company's worldwid...