Volkswagen AG will lay off 50,000 employees by 2030, according to CEO Oliver Blume

Volkswagen AG, the largest European car manufacturer, is facing a difficult situation and announces a reduction of the workforce by 50,000 by 2030, according to statements by CEO Oliver Blume at the group's general meeting.

Blume emphasized that the traditional business model is no longer viable and presented a new strategy to become the most attractive car manufacturer in the world. By the end of the year, Volkswagen will have 19,000 fewer employees, and 35,000 employees will be laid off by 2030.

The company expects a decline in the global automotive market and will adjust its plans based on market developments, especially in China, where sales have decreased significantly. Despite facing challenges, Volkswagen continues to record growth in electric vehicle sales.

Skoda, part of the group, will exit the Chinese market, focusing on Southeast Asia.