Volkswagen

Volkswagen's board of directors on Thursday approved a sweeping cost-cutting plan that would see 50,000 jobs cuts, slim its model line by half and end auto production at four German plants. On top of 50,000 job losses already previously agreed, the company would lose 100,000 positions. The plan put forward by CEO Oliver Blume to counter low-cost competition in China and headwinds from US tariffs overcame resistance from employee representatives and the regional government, which holds a stake in the company.

His elevation as chairman of JSW MG Motor comes as group expands MG, prepares its own cars and explores a potential partnership with Volkswagen

Blume and VW brand chief Thomas Schäfer are due to present their restructuring plan, which could wipe out as many as 100,000 jobs, at the company's main Wolfsburg factory

"When we look to the future, we have more and more risks coming," Blume said, pointing to more than 150 competitors in China

The two sides are working toward a potential agreement in the coming weeks involving JSW making an investment in closely held Skoda Auto Volkswagen India Pvt

Volkswagen's CEO indicated in comments published Sunday that he's trying to avoid closing plants as he seeks to turn around the automaker's performance. The Wolfsburg, Germany-based company faces pressure to cut costs at home and increasingly intense competition in the lucrative Chinese market, in particular. Last week, Volkswagen said its "fundamental realignment" over the past three years had reached its next phase, announcing plans to streamline the model lineup by up to half. It didn't provide specifics, and questions remain over how else it will cut costs. There has been renewed speculation about the future of several plants in Germany. "There are more intelligent solutions than closing plants," CEO Oliver Blume told the Bild am Sonntag newspaper. He added that a cost-cutting program in Germany already is producing effects. "We were able to improve our factory costs in Germany by an average 20 per cent last year alone," he said, describing that as "strong progress." Blume ar

Volkswagen plans to halve its model range as second-quarter sales fell 8.6 per cent, with a sharp decline in China weighing on the German automaker's performance

Volkswagen CEO Oliver Blume intends to reduce investment by around 15% to just over €130 billion ($148 billion) over the next five years

Volkswagen India launches updated Taigun at Rs 10.99 lakh, introduces a buyback programme and adds features to attract buyers amid rising competition in the compact SUV segment

Automaker aims to double India market share with new models, alternate fuel push and potential entry into sub-4 metre SUV segment by 2030

Volkswagen is in talks with Israel's Rafael to convert its Osnabruck plant into an Iron Dome component hub, a move that could save jobs as Europe ramps up defence spending

To avoid costly overcapacity, VW is applying "clear manufacturing cost targets" to all its plants, be they in Germany, Europe or China

Volkswagen warned of potential production cuts last year, as it faced shaky demand in Europe and China, its biggest market, as well as higher tariffs that have crimped sales in the United States

The import duty on cars will rise to 50 per cent from 20 per cent, dealing a significant blow to India's largest vehicle exporters to Mexico including Volkswagen, Hyundai, Nissan and Maruti Suzuki

The local unit of Europe's biggest automaker has cut costs to about $700 million from $1 billion for a platform it is developing to build EVs

Czech carmaker Skoda plans to bring more of its global nameplates into the Indian market as it looks to cater to a diverse set of customers, according to a senior company executive. The company, which now sells products in India ranging from over Rs 7 lakh to upwards of Rs 40 lakh, however, has no immediate plans to introduce electric cars in the country. "For the next year, the basic portfolio, which is the locally produced cars, remains the same. However, to excite the market, as we did with Octavia this year, we are also planning to get some more global, iconic cars into India next year," Skoda Auto India Brand Director Ashish Gupta told PTI in an interaction. He, however, did not disclose the names of the models the company is looking to import into the country next year. Skoda currently sells locally-produced models like Kylaq, Kushaq and Slavia and imported ones like Octavia and Kodiaq in the Indian market. The company, which is witnessing its strongest-ever year in India, .

Earlier in February 2024, Volkswagen and JSW Group were in talks to form a joint venture for EV manufacturing in India. The discussions have now resumed after VW's stalled pact with M&M

Volkswagen India has hired external experts to review systems and processes, Skoda Auto VW India chief Piyush Arora said in a September 8 employee memo

In an internal memo, Volkswagen India chief said the group is committed to India, with plans to invest in new technologies and manufacturing despite shifting markets and rising competition

Chief Executive Oliver Blume hoped for a quick solution "because we need to take decisions right now for localising our business there," he said