Germany: Volkswagen and Porsche face massive restructuring

Featured image of the article Germany: Volkswagen and Porsche face massive restructuring
Volkswagen’s Supervisory Board met on 9 July to review a sweeping restructuring plan that includes the elimination of up to 120,000 jobs and the closure of factories in Germany. The carmaker’s employee representatives are on the verge of lengthy negotiations, while Porsche is separately negotiating a further 4,000 job cuts.
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The meeting of the German Volkswagen Group’s Supervisory Board, held on 9 July in Wolfsburg (Lower Saxony), did not result in any firm announcements regarding the restructuring measures to come. “The Board of Management is continuing the transformation,” Group CEO Oliver Blume simply stated in a press release, defending his “Vision 2030” (Zielbild 2030) plan: “With our future strategy, we are making the Group even stronger and more competitive, even in an extremely challenging global environmen

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