Volkswagen AG is looking to cut tens of thousands of additional jobs and may shutter factories in a push by Chief Executive Officer Oliver Blume to make Europe’s biggest automaker more competitive, Manager Magazin reported.
The plans, presented by the CEO during a management board meeting earlier this week, include doubling staff reductions to as many as 100,000, Manager Magazin reported Friday, citing people familiar with the matter.
The Porsche and Audi owner currently employs around 657,000 people.
Blume’s renewed restructuring push will be presented to the supervisory board next month for discussion.
VW’s plans often get watered down as labor representatives make up half of the body.
His strategy also involves cutting general overhead costs by €11 billion ($12.5 billion) by the end of this decade, as well as closing four German factories in the medium term, the magazine said.
They include an Audi site in Neckarsulm as well
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