Car manufacturer Volkswagen Group will be cutting up to 100,000 jobs by 2030, according to the chief executive of the group. Previously, it was believed that Volkswagen would cut around 50,000 jobs following a steep decline in profit last year.
As per the BBC, Volkswagen Group - which includes Porsche, Audi, Seat, and Skoda as well as VW - has seen sales fall in key markets. Competition from Chinese brands moving into Europe has also stifled growth. Costs are said to be higher by 20% compared to rivals, according to Volkswagen chief executive Oliver Blume.
"We are currently assessing across all brands, companies and regions how many adjustments are actually necessary and feasible. We need to become more efficient, more robust and simpler. We must reduce our costs." he said via a staff memo.
Four factories in Germany are threatened with closure, and Blume has said that the company hasn't been able to find alternative uses for the facilities. Following the announcement of job cuts, protests have begun at Volkswagen sites across Germany. It's believed that the 100,000 figure could just be a negotiating tactic from the Group, with the final figure being much lower, but still above the 50,000 threshold.