Volkswagen Denies Plans To Cut 30,000 Employees

German automaker Volkswagen has denied reports that it is planning to lay off up to 30,000 workers, following claims made by business magazine Manager Magazin. The report was covered by Euronews.

Volkswagen’s CFO Arno Antlitz is reportedly considering cutting jobs over the medium term and reducing investment spending over the next five years to €160 billion. Photo: Volkswagen

“We do not confirm this figure,” a Volkswagen spokeswoman stated. However, she did acknowledge that Volkswagen must reduce costs at its German facilities to generate enough revenue for future investments.

According to Manager Magazin, Volkswagen’s CFO Arno Antlitz is considering cutting jobs over the medium term and reducing investment spending over the next five years to €160 billion.

The automaker has yet to provide specific details, saying the matter will be discussed in upcoming negotiations with employee representatives.