alt Hacker NewsVolkswagen planning to cut up to 100.000 jobs globally
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VW is a massive casualty, but the future of automotive is currently a cutthroat war between BYD and Tesla. Everyone else is, at best, a second tier competitor.
Auto industry/dealerships for trad cars is not looking good.
For some perspective VW Group has around 680k employees per wikipedia [0].
Doubling the estimate from 50k to 100k is pretty wild, though I had read last week it was 100k on the tdi-club forum thread "What's left for Volkswagen?" [1]
[0] en.wikipedia.org/wiki/Volkswagen_Group [1] https://forums.tdiclub.com/index.php?threads/what%E2%80%99s-...
It is unfortunate for the employees but it is necessary, and hopefully also a wake up call for other German companies and the government.
It’s time for leaner structures, smaller teams, faster decisions, and shorter development cycles. Volkswagen, like no other company, symbolizes the lethargy of the German economy and business environment.
Hopefully, the seven years with barely any economic growth will end soon.
Chinese car brands are eating the lunch of all the European automakers. They will need to do something to reverse the tide before its too late.
People have no money for cars. Maybe boomers whose health insurance you subsidize and whose overpriced apartments you rent can still afford one.
Everyone else struggles with health insurance up more than 100% in 10 years, Döner up 100% in 6 years, electricity costs etc.
But we feel good about the "rules based international order", which only the EU follows right now, dictated by public servants with inflation-indexed pensions.
Weak that they’re not partnering with CATL or Panasonic to build stationary storage with excess manufacturing capacity.
A German economist explained on Insta that the main reason they are doing this is because Moody's making politics and reduced VWs rating, and VW is one of the largest credit holders in Europe and now they have been forced to act and do something about this unplanned rating change which will make loans expensive for them, without actually being a concrete automotive related issue in the first place.