11:27 AM EDT, 07/13/2026 (MT Newswires) -- (Updates throughout to add Volkswagen's statement) Volkswagen (VOW.F, VOW3.F) Chief Executive Officer Oliver Blume suggested that the German carmaker may need to double its planned layoffs to 100,000 positions in order to bring down overhead costs "to a competitive level." In an internal interview, excerpts of which were sent to MT Newswires on Monday, Blume said Volkswagen currently has "a disadvantage of around 20%" compared with peers when it comes to overhead costs. "Since half of overhead costs stem from personnel costs, a theoretical derivation without any change in labor costs would yield around 50,000 positions worldwide," Blume said. The CEO noted in the interview that the company had already agreed to eliminate 50,000 jobs in Germany by 2030, primarily through voluntary departures and early retirements. Of that initial announcement, Volkswagen has already received 37,000 signed departure agreements. Bloomberg News first reported on the plan.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.