Volkswagen to Slash 50,000 Jobs by 2030 Amid Profit Slump, EV Shift
Volkswagen to Slash 50,000 Jobs by 2030 Amid Profit Slump, EV Shift
- •Volkswagen Group plans to cut 50,000 jobs globally by 2030, primarily in Germany, affecting brands like Porsche and Audi.
- •The job cuts are driven by a significant profit slump (53% drop in operating profit to €8.9 billion in 2025), US tariffs, and intense competition from China.
- •Restructuring costs associated with the shift to electric vehicles (EVs) and adjustments in Porsche's product strategy also contribute to the decision.
- •The company aims for €6 billion in net annual cost savings by 2030, despite reducing some EV production targets like Lamborghini.
- •Despite challenges, EV demand is strengthening, with plans for 30 new electric/hybrid models in China by 2027 and investments in affordable EVs and technology.
