German car giant Volkswagen will continue with its plan to reduce its workforce and cut costs in Germany, aiming to cut around 19 jobs by the end of this year, Reuters reported on Tuesday.
As announced, the company has agreed to more than 28 job cuts by 2030, as part of a long-term plan to increase efficiency and improve competitiveness.
The company's CEO, Oliver Blume, said that Volkswagen has already managed to reduce factory costs at its German locations by more than 20 percent by 2025.
The restructuring program comes at a time when the European automotive industry is facing major challenges, including growing competition from Asian manufacturers, the transition to electric vehicles and pressure to reduce operating costs.
