Volkswagen to cut 100,000 jobs worldwide as car maker to slash an extra 50,000 roles

BRITAIN’S best-selling car brand is to axe 100,000 jobs by the end of the decade, it has been confirmed. Volkswagen has approved a plan to slash another 50,000 as part of the biggest overhaul in its history. Volkswagen is well known for its Golf models in the UK Credit: PA It comes after the company, which also includes Audi, Porsche and Skoda, announced it would be cutting 50,000 back in March. VW said its board had signed off on the proposals for further cuts on Thursday, taking the total to 100,000. Sign up for the Money newsletter Thank you! The car maker, famous for its Golf and Polo models among others, has been hit by a drop in profits due to falling sales and competition from Chinese brands. Earlier this year, VW’s chief executive Oliver Blume announced plans to close up to four of its plants in Germany. It also revealed in a shock announcement that it would slash half of its car models as part of its bid to cut costs. The automaker has not provided specifics on which models will be impacted. The German automaker has struggled with poor sales since April, falling by 8.6 per cent to just under 2.1 million vehicles. It is currently the UK’s best-selling new-car brand, boosted by the success of both the Golf and the Polo, with a UK headquarters in Milton Keynes employing more than 900 people. Most read in Money It is understood some of the roles slashed will be management roles, however it’s not clear how many UK jobs are at risk. VW said a “fundamental adjustment of the global workforce capability is necessary” to keep the company competitive. Comment now