Volkswagen says cutting 100,000 jobs by end of decade

Business Recorder reported that Volkswagen said on Thursday its management and unions had settled on an extra 50,000 job cuts, to be completed by the close of the decade. With that addition, the German carmaker's total job losses reach 100,000.

In a statement, the group, which spans ten brands, said workforce levels must be systematically brought into line with economic conditions. It added that a plan involving roughly 50,000 reductions had been approved, on top of the 50,000 cuts already agreed.

The report does not say which brands or countries will be affected. Volkswagen's statement described the moves as necessary for alignment, but it gave no timetable beyond the end of the decade. The new reduction is additional to the earlier agreement, so the two phases together make up the full total.