Volkswagen to cut at least 1 lakh jobs by 2030 in cost cutting measures

Volkswagen to cut at least 1 lakh jobs by 2030 in cost cutting measures

Mumbai, (IANS): German car manufacturer Volkswagen has announced to cut 1 lakh jobs by the end of the decade in a sweeping cost‑cutting plan, marking the largest restructuring in the global auto industry.

The German carmaker announced a further reduction of about 50,000 positions on top of nearly 50,000 job cuts already agreed, amounting to about 15 per cent of the group’s workforce.

The company decided to halve the number of car models the Volkswagen group produces, which includes the Bentley and Audi brands, and considers to shut down four production plants in Germany within the next eight years.

“Given intensifying global competition, shifting demand and technological change in the automotive industry, a consistent alignment of workforce capacity with economic reality is essential,” the Volkswagen Group said in a statement.

Volkswagen employs over 6.5 lakh people across brands including Skoda, Seat, Porsche, Cupra and Lamborghini.

The group plans to streamline its model portfolio by around 50 percent and reduce its offering complexity by around 75 percent by 2035.

“The prioritised models aim to excel in design and technology – and benefit from the focus on fewer variants: Higher volumes per model, lower costs, stronger economies of scale,” the statement said.

The Volkswagen Group is systematically tailoring its platforms, electronic architectures, driver assistance systems and software to the needs of both the Western and Eastern hemisphere, it added.

In North America, the Volkswagen Group will focus on the most profitable segments. In China, the Group is adapting to revised expectations for overall growth in the Chinese automotive market and is expanding its export business toward the “Global South,” the statement added.

The company said that portfolio of shareholdings and businesses will be rigorously assessed and streamlined by around one-third to retain only those with a clear strategic and financial contribution to the core business.

“Non-strategic activities will be divested or realigned. The real estate portfolio will also be reviewed. The goal is to have a leaner structure and more effective use of capital,” the company said. Volkswagen to cut at least 1 lakh jobs by 2030 in cost cutting measures | MorungExpress | morungexpress.com

Read More........ → September 03, 2026

Hyundai Motor to expand global production capacity, launch over 100 models by 2030

Hyundai Motor to expand global production capacity, launch over 100 models by 2030 (Photo: Yonhap)

Seoul, (IANS): Hyundai Motor said on Wednesday it plans to expand its overall production capacity by 1.27 million units by 2030 while rolling out more than 100 new and updated models to strengthen its presence in the global market.

Hyundai Motor CEO Jose Munoz outlined the plans at its CEO Investor Day event in Seoul as it seeks to bolster its competitiveness amid intensifying competition, particularly from Chinese rivals.

The South Korean automaker said it plans to introduce scores of brand-new or updated models within the decade, including facelifts, partial redesigns and other variants, with 18 all-new models included in the lineup, reports Yonhap news agency.

The company plans to launch the Genesis GV80 hybrid in South Korea and the United States later this year, followed by an extended-range electric vehicle (EREV) in the first half of 2027.

The Tucson SUV, one of Hyundai Motor's bestselling models, and its hybrid variants are also scheduled for launch in the second half of this year.

To support its expanded lineup and sales targets, Hyundai Motor plans to significantly increase its global production capacity by 2030, up from about 5 million vehicles at present.

The goal includes 500,000 units in North America, 320,000 in India, 200,000 in South Korea and 250,000 through completely knocked-down (CKD) production.

The company maintained its previously announced sales targets, including global sales of 5.55 million vehicles by 2030 and raising the share of electrified vehicles to 60 percent of total global sales by the same year.

Hyundai Motor also raised its 2030 operating margin target to above 9 percent from the previously projected range of 8-9 percent.

It maintained its 2026 margin guidance at 6.3-7.3 percent despite a challenging business environment marked by U.S. tariffs, geopolitical tensions in the Middle East and intensifying competition with Chinese rivals.

Munoz identified hybrids as "the biggest opportunity" in the U.S. market, as the company aims to cut raw material costs for hybrid vehicles by 20 percent by 2030.In North America, Hyundai Motor plans to launch 10 new hybrid electric vehicle (HEV) models by 2030, led by the GV80 hybrid, and raise hybrids to 50 percent of its sales in the region. Hyundai Motor to expand global production capacity, launch over 100 models by 2030 | MorungExpress | morungexpress.com

Read More........ → August 28, 2026