Volkswagen Considering Cutting Up to 30,000 Jobs

German daily Handelsblatt reports that Volkswagen is considering cutting up to 30,000 jobs to cut costs and improve competitiveness with players such as Tesla.

The daily cited a presentation made by Volkswagen CEO Herbert Diess to the supervisory board.

A spokesperson for Volkswagen’s workers’ council said that while they would not comment on speculation as to whether Diess made the comments, “a reduction of 30,000 jobs is absurd and baseless”.

Volkswagen is also considering listing its car charging and energy business in addition to existing IPO plans for its battery division, Chief Technology Officer Thomas Schmall told Manager Magazin in an interview published on Wednesday.

Schmall said nothing has been decided yet and it would probably take up to two years before the new companies are established and actually ready for the stock market.