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🇵🇾 Paraguay /Economy & Trade

Volkswagen supervisory board approves restructuring plan

From ABC Color · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Official statement Approved/passed
  • Volkswagen's supervisory board unanimously approved the Future Plan 2030, which aims to improve efficiency and competitiveness.
  • The plan could eliminate about 50,000 jobs worldwide, while four German plants face uncertainty over future production assignments.
  • The company said no decision has been made on the future of its Seat brand, despite a report that Volkswagen could withdraw it from the market by the end of 2029.

Volkswagen's supervisory board has unanimously approved a restructuring plan that could eliminate about 50,000 jobs across the group in the coming years.

The Future Plan 2030 covers Volkswagen, Audi, Porsche and Seat/Cupra. The company said the plan responds to rising global competitive pressure, changing demand and technological transformation in the auto industry.

Against the increase in global competitive pressure, changes in demand structures and the technological transformation of the automotive industry, it is essential to consistently adapt workforce capacities to economic reality.

· VolkswagenThe company explained the rationale for the Future Plan 2030.

Four German plants, in Emden, Zwickau, Hannover and Neckarsulm, are at risk. Volkswagen said it could not currently guarantee competitive future assignments for the sites between 2031 and 2034, although it would examine alternative uses in parallel. The group also said European plants face overcapacity of 500,000 vehicles and must develop a sustainable, competitive production structure by the end of June 2027.

The Future Plan 2030 creates the necessary conditions for the Volkswagen Group and its brands to become more efficient, competitive and future-oriented.

· VolkswagenThe company described the intended outcome of the restructuring plan.

The future of Spain's Seat brand remains undecided. Seat sources told EFE that no decision had been taken, after WirtschaftsWoche reported that Volkswagen wanted to withdraw the brand from the market, at the latest by the end of 2029.

Chief Executive Oliver Blume said management would now work with the brands, companies and employee representatives on the necessary measures. The group said it would invest billions of euros in the coming years to make its iconic brands more attractive, stronger and more competitive.

The transformation of the company is being driven with all its strength.

· Hans Dieter PötschThe supervisory board chairman praised the newly approved plan.
About this summary

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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