Volkswagen may cut up to 100,000 jobs

Volkswagen may need to cut ‌about 50,000 more jobs to match the competitiveness of rivals, its CEO told staff in an internal memo, effectively confirming for the first time that the automaker is looking ​to reduce up to 100,000 positions, Reuters writes.

Oliver Blume is battling to streamline ​Europe’s biggest carmaker, whose profits have slumped as its faces billions ⁠of euros in tariff costs, stiff competition in China and pressure on ​its German manufacturing network to become more efficient.

After already agreeing 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%, Blume said ​in the memo seen by Reuters.

This means a “theoretical deduction” of another 50,000 ​jobs worldwide, the memo said.

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