Giant German automobile manufacturer Volkswagen will lay off 100 thousand people as part of cost cutting.
The automaker announced last month that it planned to lay off 50 thousand people by 2030. It had also announced that it planned to reduce its production capacity in Germany by 500 thousand.
According to the German Manager Magazine, the number of employees of the automaker may decrease by another 50 thousand people.
In recent months, Volkswagen sold boat engine manufacturer Everllence, one of its group companies, to the private equity firm Bain Company. CEO Oliver Blume said that they wanted to focus only on the automobile business.
The layoff plan will be submitted for approval at the management’s meeting on July 9.
