“Volkswagen said Thursday that it would cut the number of models it offers by as much as half to reduce costs and better compete with Chinese companies. But the German carmaker did not say what those changes would mean for workers who have been bracing for large job cuts and factory closures.”
More very bad news:
" Volkswagen said on Thursday that it would go forward with the most sweeping restructuring in its 89-year history, cutting about 50,000 additional jobs in the face of surging Chinese competition, high energy prices and a costly transition to electric vehicles.
“This is a strong signal for the future of the Volkswagen Group,” Oliver Blume, the German automotive giant’s chief executive, said in a statement.
The decision, announced after a meeting of Volkswagen’s supervisory board, followed a tense standoff with unions representing its work force, which numbers more than 650,000 worldwide. But labor leaders backed the plan on Thursday.
“In this crisis situation, we fought hard for good solutions,” Christiane Benner, an official with the IG Metall union, said in the statement. “The executive board now has the foundation to tackle the major tasks ahead.”
Since the end of 2024, Volkswagen had already agreed to reduce its work force by about 50,000 by the end of the decade. Agreements have been reached with 37,000 employees so far, the company said. The plan on Thursday would bring the total cuts to about 100,000."
China is looking to pump out close to a million cars by 2030 in the EU. Should see more new car plants and parts factories build out in Europe.