Volkswagen Board to Vote on Radical Restructuring and Up to 100,000 Job Cuts

Volkswagen's supervisory board was due to meet on July 9 in what could be the most consequential decision in the carmaker's recent history, as management sought approval for a sweeping restructuring plan. Chief Executive Oliver Blume's blueprint, reportedly codenamed 'Zielbild 2030,' is said to envisage up to 100,000 job cuts worldwide — roughly 15% of the group's workforce — alongside the possible closure of four German plants, a simpler corporate structure and the end of its autonomous-driving partnership with Bosch. The proposals have set the stage for a fierce clash with labour: the powerful IG Metall union and the works council, which hold significant sway on the board, have vowed to fight closures and mass layoffs, while the state of Lower Saxony, a major shareholder, wields a de facto veto through its stake and a decades-old law. Blume has reportedly threatened to call an extraordinary shareholder meeting if the plan is blocked. The turmoil illustrates the deep strain across Europe's auto industry from electrification costs, weak demand and intensifying competition from Chinese rivals, with Volkswagen shares trading near multi-year lows.