German automaker Volkswagen plans to cut nearly 1-in-6 jobs from its workforce of more than 650,000, according to a Friday report from Manager Magazin business magazine.
VW had previously announced it would cut about 50,000 jobs by 2030. Friday’s report says CEO Oliver Blume intends to double that figure, close four factories and spin off the VW brand. The automotive giant has been struggling financially, reporting a 28.4 percent drop in profits in the first quarter of 2026, after a 53.5 percent drop in operating profits in 2025.
The magazine’s report, which cites anonymous sources, says Blume already presented a restructuring plan to the company’s board. Under the plan, VW factories in Hanover, Emden and Zwickau, as well as the Audi factory in Neckarsulm, would close in the medium term.