Volkswagen Plans to Lay Off Up to 100,000 Employees

Volkswagen, one of the world's largest automakers, is planning to lay off up to 100,000 employees, representing 15% of its global workforce, over the next few years. The layoffs will come alongside the planned closure of four factories in Germany and a 15% reduction in investments over the next five years. The company is also planning to separate its main Volkswagen brand and parts business into separate entities. Volkswagen employs around 660,000 people worldwide and has already announced plans to cut 50,000 jobs in Germany by 2030. Like many European automakers, Volkswagen is struggling to cope with new tariffs on its exports to the US and the rise of Chinese electric vehicle manufacturers.