Update: Volkswagen CEO Pitches Up to 50,000 More Job Cuts Amid High Overhead Costs

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.