Volkswagen CEO threatens 50,000 more job cuts in memo to staff

Volkswagen could cut around 50,000 additional jobs based on calculations aimed at bringing the carmaker into line with the cost competitiveness of other companies, CEO Oliver Blume told staff in an internal memo seen by Reuters on Monday.

After already agreeing to 50,000 job cuts across the group, including its Porsche and Audi subsidiaries, the company must work on reducing costs further, having calculated a cost disadvantage versus comparable companies of 20 percent, Blume said.

This means a "theoretical deduction" of another 50,000 jobs worldwide, according to the memo.

"We are currently assessing across all brands, companies and regions how many adjustments are actually necessary and feasible," Blume said in the document.

Reuters

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