German of the day: Stellenabbau

That means job cuts. Deep cuts, in this case.

Job Cuts at VW: Auto Giant Plans to Cut Up to 100,000 Jobs – The crisis in the auto industry continues. VW is now reportedly doubling its original layoff plans – and some plants are also expected to be closed.

According to information from Manager Magazin, the Volkswagen Group plans to cut up to 100,000 jobs. Citing insider information, the publication reported that the restructuring is to be carried out over the next few years. This would effectively double the previous job-cut target. In addition, plans are reportedly in place to close four plants in Hanover, Emden, Zwickau, and Neckarsulm (Audi) in the medium term.

It’s Not A Threat

Tesla already has disrupted everything.

Tesla

Tesla’s Factory Threatens To Disrupt German Auto Industry. The Germans are playing catch-up now. Scheiße happens. The innovator always leads.

This is a lucrative business for Tesla. The company made $3.3 billion in the past five years from 11 states in the U.S. that, like the EU, force automakers that can’t meet emissions reduction goals to buy credits from companies like Tesla. But this revenue stream promises to run dry in the coming years as EU automakers ramp up their electric vehicle fleets. But because Tesla’s entire fleet is electric, Birgit Dietze of IG Metall, Germany’s auto workers union, says the company is already ahead of its German competitors.