German automaker Volkswagen is considering cutting up to 50,000 additional jobs worldwide as part of efforts to improve its cost competitiveness.
Chief Executive Officer Oliver Blume, in a memo obtained on Monday, told employees that the company faces a cost disadvantage of about 20 per cent compared with rival carmakers, making further cost reductions necessary.
The latest proposal comes after Volkswagen had already agreed to eliminate about 50,000 positions across the group, including at its Porsche and Audi subsidiaries.
Volkswagen to sack 100,000 workers, shut 4 four plants in sweeping restructuring plan
Blume said internal calculations indicated a “theoretical” need for another 50,000 job cuts to bring the company closer to the cost structure of its competitors.
However, he stressed that no final decision had been taken, noting that the company is reviewing operations across all its brands, business units and regions to determine the number of reductions that are both necessary and achievable.
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