Due to a structural mismatch between the Volkswagen Group's colossal manufacturing footprint in Germany and the current realities of the automotive market, the largest European passenger vehicle manufacturer has decided to eliminate around 19,000 jobs in Volkswagen's home market by the end of the current year. This information will be publicly released on June 18, during the company's annual general meeting.
According to Reuters, the downsizing will be detailed to investors by none other than Volkswagen Group chief executive officer Oliver Blume. The cited publication further underlines that said info was taken from a transcript of Blume's prepared speech for the upcoming event, which is taking place entirely virtually, without the physical presence of shareholders.
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