Volkswagen owners back overhaul as carmaker weighs 100,000 job cuts
Why it matters: The push adds pressure on Oliver Blume as tariffs, weak profits and Chinese competition squeeze Europe’s biggest automaker.
Volkswagen’s controlling shareholders pressed the carmaker to move faster on cost cuts and excess capacity as management weighs up to 100,000 job reductions in what could become the biggest restructuring in the global auto industry. Porsche SE, the holding company of the Porsche and Piëch families, said every option should be considered to restore competitiveness. The intervention sharpens pressure on CEO Oliver Blume, whose plans have already met resistance from unions and the supervisory board. Volkswagen is also considering cutting European production capacity by another 500,000 units, trimming management and administrative roles, and reducing model and equipment variants as it confronts tariff costs, weaker profitability and tougher competition from Chinese brands.