On June 25, Volkswagen shares rose 2.4% after announcing the sale of a majority stake in its engine unit Everllence for €7.4 billion ($8.41 billion). On June 26, Volkswagen announced plans to cut 100,000 jobs and end production at four German plants over the coming years, marking the most radical overhaul in the company's 89-year history. On June 28, Bild newspaper reported that Volkswagen plans to end its automated driving partnership with Bosch as part of cost-cutting and competitiveness efforts.
Volkswagen faces a July 9 boardroom showdown over a massive restructuring plan that could see four factory closures and 100,000 job cuts to improve efficiency.
Read the full storyVolkswagen is preparing to terminate production at four German plants and cut 100,000 jobs in the most radical restructuring in its 89-year history, driven by competitive and cost pressures in the auto industry.
As part of a sweeping restructuring in the European auto industry, Volkswagen has expanded its plan beyond selling a majority stake in its engine unit Everllence for €7.4 billion to include cutting up to 100,000 jobs globally, according to…