Volkswagen CEO Oliver Blume announced a significant restructuring plan at the company’s annual general meeting, driven by concerns over profitability. Blume stated the company is not generating sufficient earnings from its current product line. The plan includes a confirmed reduction of 28,000 positions across the Volkswagen Group. Further capacity reductions are planned for European manufacturing plants as part of the cost-cutting measures. The move signals a shift towards increased efficiency and financial discipline within the automotive giant. Blume emphasized the need to improve earnings to navigate the evolving automotive landscape and invest in future technologies. Details regarding the specific locations and timelines for job cuts were not immediately available.