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According to the Financial Times, Europe's largest carmaker is accelerating its restructuring program to face growing competition from Chinese electric vehicle manufacturers...
Volkswagen is considering cutting up to 100,000 jobs and closing four factories in Germany as part of a wide-ranging restructuring and cost-cutting program. The Financial Times reported that the company aims to strengthen its competitiveness in the face of the rapid growth of Chinese electric vehicle manufacturers.
The Wolfsburg-based group's original plan called for the elimination of around 50,000 jobs in Germany by 2030 and a reduction in annual production capacity of 500,000 vehicles. However, according to German magazine Manager Magazin, the new scenario foresees another 50,000 layoffs or early retirements.
The company's difficulties are also reflected in production. At Volkswagen's electric vehicle factory in Emden, hundreds of new ID.7 models have been left untouched in parking lots, reflecting the mismatch between supply and demand in the European market, where consumers are increasingly turning to cheaper alternatives.
According to data from the European Automobile Manufacturers Association (ACEA), Chinese companies accounted for almost 10% of new vehicle sales in Europe during the first five months of this year. Aggressive pricing policies and technological lead in the electric vehicle segment are forcing European manufacturers to cut costs and restructure their activities.
The transformation program is not limited to workforce reductions. Volkswagen CEO Oliver Blume is implementing a strategy to simplify the group's structure and focus on its core business of vehicle production.
In this context, Volkswagen has completed the sale of its Everllence marine engine unit to the American investment fund Bain Capital. The deal is expected to bring the company around 7.4 billion euros, funds that will be used to finance the transition to electromobility. Analysts estimate that the group may also sell other non-core assets to provide additional liquidity.
Volkswagen executives have not yet officially commented on the details of the plan. According to reports, the proposals are expected to be presented to the company's Supervisory Board on July 9. The German group will face the challenge of balancing the pressure of global competition with the expected reactions of German unions.
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