Volkswagen planning to cut up to 100,000 jobs globally
Image: BBC News
The chief executive of German car giant Volkswagen Group has confirmed it is looking to cut up to 100,000 jobs - twice as many as previously stated.
The group, which includes Porsche, Audi, Seat and Skoda alongside the VW brand, had earlier said it would axe about 50,000 posts in Germany by 2030.
It suffered a steep drop in profits last year, hit by falling sales in key markets and growing competition from Chinese carmakers expanding into Europe.
In a memo to staff, CEO Oliver Blume said the group's costs were around 20% higher than those of rivals and would need to be cut further, implying a theoretical loss of 50,000 jobs worldwide.
"We are currently assessing across all brands, companies and regions how many adjustments are actually necessary and feasible," Blume said.
The deeper cuts underline the pressure on legacy European carmakers as the shift to electric vehicles and cheaper Chinese competition reshape the global industry.