Austerity measures: Oliver Blume sees VW situation as "more than critical"
After the summer break, Volkswagen is facing uncertain days. Tens of thousands of jobs are said to be under threat, and even locations may be in danger. Will there be clarity in the coming days?
Volkswagen CEO Oliver Blume has described a tense situation for the European automaker, stating that the company's situation is "more than critical". Despite being able to operate, Blume emphasized the need for immediate action, citing an operative render of 3.8 percent as not sufficient to fund new technologies, products, and locations.
He mentioned previous cost-cutting measures, such as a 20 percent reduction in factory costs at German plants last year, but deemed them insufficient. Blume is working on a new "Zielbild 2030" plan, which will include further austerity measures, and aims to finalize it this year. This has raised concerns about potential plant closures and job losses, with up to 50,000 positions at risk.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
