Volkswagen reportedly plans to undergo a comprehensive restructuring, with up to 100,000 employees worldwide likely to be laid off in the coming years.

According to the German magazine "Manager Magazin", Volkswagen CEO Oliver Blume plans to cut up to 100,000 jobs globally in the coming years. The report also states that Blume plans to reduce investment by approximately 15% over the next five years, to slightly over 130 billion euros. Sources say that Blume and Volkswagen CFO Arno Antlitz aim to completely restructure the company. Volkswagen's core brand VW and its component manufacturing plants will be separated from the current group structure and consolidated into independent entities. Sources also say that Volkswagen plans to close production facilities in Hannover, Zwickau, and Emden in Germany, as well as its sister brand Audi's factory in Neckarsulm. Production at these factories will stop gradually after the current models are phased out.