- VW’s finance boss warns, “We have no time to lose,” as “market changes are profound and lasting.”
- The company has slashed its operating margin forecast from four to just one percent.
- Porsche denies it's cutting another 4,100 jobs beyond the already announced 8,900 layoffs.
The Volkswagen Group is in the red, and we’re not just talking about this illuminated badge we cherry-picked as the top image. The latest plan to slash costs could ultimately lead to 100,000 layoffs across all brands, one of which may even cease to exist. While a final decision hasn’t been made, a “gradual phase-out of the SEAT brand” is officially under consideration.
