Volkswagen CEO Warns Employees That 50,000 More Job Cuts May Be Needed

The Globe and Mail—Volkswagen's chief executive privately told employees that up to 50,000 additional job cuts may be necessary to close the automaker's competitive gap with more agile rivals, according to an internal memo obtained by media. The disclosure underscores the severity of structural challenges facing Europe's largest automaker as it contends with Chinese electric vehicle competition and sluggish European demand. The potential cuts would come on top of previous rounds of layoffs already announced at the German industrial giant.

• The Globe and Mail — The warning was contained in an internal memo that was subsequently obtained and reported by media
• Reuters — CEO warned staff 50,000 more job cuts may be needed to close the gap with faster-moving rivals