More layoffs, Volkswagen to cut up to 100,000 jobs, spin off core brand in coming years

Volkswagen CEO Oliver Blume is planning to cut up to 100,000 jobs worldwide and reduce investment by around 15% to just over €130 billion over the next few years, German business magazine Manager Magazin reported on Friday, citing sources familiar with the matter.

Blume and CFO Arno Antlitz are aiming to completely restructure the company, according to the report.

As part of those plans, Volkswagen’s core VW brand and its parts-manufacturing operations would be spun off into separate entities from the current group structure, the magazine said.

Over the medium term, Volkswagen plans to close production facilities in Hanover, Zwickau and Emden in Germany, as well as a plant belonging to sister brand Audi in Neckarsulm, the report said. Production at those sites would be wound down once the models currently built there are phased out.