Volkswagen CEO Oliver Blume is targeting a reduction of as many as 100,000 positions from the automaker’s global workforce over the next several years, according to a report published Friday by Manager Magazin.
The German business publication also reported that Blume plans to trim investment spending by roughly 15%, bringing the total down to just over €130 billion — approximately $148 billion — across the next five years.
According to the magazine, which cited unnamed sources, Blume and Chief Financial Officer Arno Antlitz are working toward a complete overhaul of the company’s structure.
As part of that restructuring, the report indicates that Volkswagen’s core VW brand and its parts manufacturing operations would be separated from the existing group framework and reorganized into independent entities.
Looking further ahead, the magazine reported that Volkswagen is considering shutting down production facilities in the German cities of Hanover, Zwickau, and Emden, along with a plant belonging to sister brand Audi located in Neckarsulm. All four facilities are in Germany. The closures would take effect once the vehicle models currently being built at those locations are phased out of production.
Volkswagen had not responded to a request for comment at the time of the report.
