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VW to Ramp up Restructuring Programme After Profit Warning
The plan follows a profit warning as German auto workers protest and management says higher costs, Asian competition and weak China demand are squeezing margins.
- On Monday, Volkswagen announced plans to cut 50,000 jobs as part of a massive restructuring, flagging $11.5 billion in one-off costs amid a deepening financial crisis.
- Last week, the automaker cut its 2026 profit margin outlook to 1%, blaming a sluggish Chinese market and accelerated demand for less profitable electric vehicles.
- Workers staged nationwide protests as brand head Thomas Schaefer told staff, "We have absolutely no time to lose." IG Metall's Horst Ott said managers "failed to keep pace with developments in e-mobility."
- IG Metall union head Christiane Benner and works council chief Daniela Cavallo demanded stronger protections against Chinese competition. "We expect corporate leaders to take responsibility for Germany," Benner told workers.
- Shares of Volkswagen fell 1.1% on Monday after exclusion from the Euro Stoxx 50 index, while Porsche dropped 1.6% as the automotive sector grapples with high costs and Asian competition.
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FRANKFURT: Tens of thousands of workers across Germany plan to stage protests, seeking protection for jobs and factories after Volkswagen (VW) AG delivered another stark demonstration of the depths of the country's auto-industry downturn.
·Petaling Jaya, Malaysia
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·Jersey City, United States
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German Auto Workers Protest After VW Warning Deepens Gloom
Tens of thousands of workers across Germany are staging protests on Monday, seeking protection for jobs and factories after Volkswagen AG slashed financial targets for a second time this year in the latest sign of the industry’s crisis.
·New York, United States
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Total News Sources14
Leaning Left0Leaning Right2Center6Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 25%
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