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How much will Volkswagen reduce its German workforce by the end of 2024?
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Resolution / Starting Odds
Reduced by over 10,000 employees • 25%
Reduced by 5,000 to 10,000 employees • 25%
Reduced by less than 5,000 employees • 25%
No reduction in workforce • 25%
Reports from Volkswagen or major news outlets
Story
Volkswagen to Close Three German Factories, Implement 10% Wage Cut in €4 Billion Cost-Saving Plan
Oct 28, 2024, 10:43 AM
Volkswagen is considering significant cost-cutting measures to save around €4 billion, including closing at least three factories in Germany, laying off tens of thousands of employees, and implementing a 10% wage cut along with a two-year wage freeze. The automaker is also planning to cap bonuses for top executives and may outsource or shift abroad entire departments. These actions aim to reduce costs and make the company more competitive amid a stagnating European car market. The works council, led by Daniela Cavallo, has voiced strong opposition to these plans, citing risks of forced layoffs and shrinking of remaining plants in Germany. Workers are joining rallies to protest the proposed closures and job cuts. The German government is aware of the situation and awaiting further comments from the company. Volkswagen stated that the restructuring measures are necessary to finance future investments from its own resources.
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Similar markets
No closures • 25%
One closure • 25%
Two closures • 25%
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No reduction • 25%
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100,000 to 300,000 units • 25%
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One • 25%
Two • 25%
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1 • 25%
2 • 25%
3 or more • 25%
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