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Volkswagen to reduce workforce by 19,000 by end of year, CEO says - Finance news and analysis from Global Banking & Finance Review
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Volkswagen to reduce workforce by 19,000 by end of year, CEO says

Published by Global Banking & Finance Review

Posted on June 11, 2026

1 min read

· Last updated: June 11, 2026

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Volkswagen to Reduce Workforce by 19,000 in Germany by End of 2024

Volkswagen's Workforce Reduction and Cost-Cutting Measures

Overview of Job Cuts

BERLIN, June 11 (Reuters) - Volkswagen is pressing ahead with sweeping job cuts and cost reductions in Germany as planned, shrinking its workforce by 19,000 by the end of the year, CEO Oliver Blume is set to tell investors at the upcoming AGM.

Long-Term Workforce Reduction Targets

More than 28,000 job cuts have been agreed as a binding target for 2030, according to a transcript of Blume's speech for the event on June 18.

Factory Cost Reductions

"We reduced factory costs at Volkswagen's German sites by more than 20% by 2025," he said.

Reporting Credits

(Reporting by Christina Amann and Rachel More, Editing by Linda Pasquini)

Key Takeaways

  • Volkswagen to reduce German workforce by 19,000 by end of 2026, contributing to binding target of more than 28,000 cuts by 2030
  • Factory costs in Germany have been reduced by more than 20% by 2025, improving competitiveness
  • This move forms part of a wider cost‑cutting and capacity‑reduction strategy, including plans to cut up to one million cars in production capacity globally

Frequently Asked Questions

How many jobs is Volkswagen cutting by the end of 2024?
Volkswagen is reducing its workforce by 19,000 by the end of 2024.
What is Volkswagen's binding target for job cuts by 2030?
Volkswagen has set a binding target of more than 28,000 job cuts by 2030.
Where are Volkswagen job cuts and cost reductions being implemented?
The job cuts and cost reductions are being implemented at Volkswagen's German sites.
By how much are factory costs being reduced at Volkswagen's German sites?
Factory costs at Volkswagen's German sites are being reduced by more than 20% by 2025.

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