Volkswagen chief executive Oliver Blume had less than 48 hours to celebrate the lucrative sale of the carmaker’s €10bn marine engines division before the deal was overshadowed by his plans to axe up to 100,000 jobs.
The sale of a majority stake in Everllence and the scale of the cost-cutting plans revealed last week underline the urgency at Volkswagen as it fights fierce competition from insurgent Chinese brands and adapts to the shift to electric vehicles.
Under the strain of these industry-defining challenges, Volkswagen’s share price has fallen by almost half since Blume took the helm in September 2022, prompting Germany’s largest carmaker to take radical action.
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