Volkswagen CEO warns of 50,000 more job cuts as cost gap persists

Volkswagen CEO Oliver Blume told staff the company may need to cut another 50,000 jobs globally, based on a 20% cost disadvantage versus comparable companies, according to an internal memo seen by Reuters on Monday.

The carmaker already agreed to 50,000 job cuts across the group, including its Porsche and Audi subsidiaries. Blume said the new figure represents a "theoretical deduction" that the company is now assessing across all brands and regions.

“We are currently assessing across all brands, companies and regions how many adjustments are actually necessary and feasible,” Blume said in the memo.