00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Volkswagen may cut about 50,000 additional jobs as it seeks to narrow a 20% cost disadvantage
00:08against competitors, according to Reuters. The move would bring potential reductions across
00:13the group to 100,000 positions after previously agreed cuts at Volkswagen, Porsche, and Audi.
00:19CEO Oliver Bloom said the automaker is reviewing brands, companies, and regions
00:24to determine how many further reductions are necessary and feasible.
00:28Bloom is seeking to cut costs as tariffs, competition in China, and inefficiencies in its German factories
00:35weigh on profits. The company is also assessing the future of four plants, where it has not
00:40identified competitive uses beyond 2030. Labor representatives reportedly blocked restructuring
00:46proposals presented to Volkswagen's supervisory board. Bloom said he prefers alternatives to
00:51plant closures, including defense production or building Chinese Volkswagen models in Europe.
00:56For all things money, visit Benzinga.com.
Comments