The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.10 - Manufacture of motor vehicles
30,000 jobs Number of planned job losses
Announcement Date
18 November 2016
Employment effect (start)
18 November 2016
Foreseen end date
Description
On Friday 18 of November, at a press conference in Wolfsburg, Volkswagen announced a cut of 30000 jobs.
Jobs will be cut in Germany (up to 23,000) but also in North America, Brazil, and Argentina. The cuts are part of the restructuring design of the brand and staff reduction is planned through partial and early retirement and reduction of part-time staff.
Volkswagen is the Europe’s largest automaker and has recently struggled with low profits. The restructuring will help the company to recover from the diesel emissions scandal.
The company intends to invest into the development of electric and self driving cars; the management pledge is to create 9000 new jobs in the area of electric cars, mainly at factories in Germany.
Sources
18 November 2016: The Guardian
18 November 2016: Fortune
Citation
Eurofound (2016), Volkswagen, Internal restructuring in World, factsheet number 89160, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89160.
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