Oil prices climb as European shares slip ahead of U.S. jobs data

Volkswagen plans to cut 100,000 jobs globally by 2030, its largest restructuring. The company, with 650,000 employees, reassured commitment to its Chattanooga plant, exploring new products. Sales of Atlas SUVs increased in 2026, while ID.4 EV production ended. The plan focuses on profitable segments in North America, with leadership changes announced.

Volkswagen's shares rose 7% after announcing plans to cut 50,000 jobs by 2030, reduce its model portfolio by 50%, and target a 9% operating margin. The company aims to keep capital expenditure at €135 billion. Shares were up 5.45% at 9:12 a.m. CET but down 26.6% year-to-date. The plan is seen as a step toward improving efficiency and competitiveness.

Volkswagen Group may discontinue its Spanish brand, Seat, by 2029, according to a German report. The decision, allegedly approved by management, will be presented to the supervisory board in September. VW plans to focus on the Cupra brand, which has seen sales growth, while Seat sales have declined.

Volkswagen Group plans to cut half its models, reduce complexity by 75%, and eliminate 100,000 jobs as part of its 'Future Plan 2030'. The company aims for 9% operating margins and €31B annual profits by 2030, focusing on core products and reducing global production capacity to 9M units/year. CEO Oliver Blume cites global market challenges and cost pressures.

Volkswagen appointed Marco Schubert as North America chief, replacing Kjell Gruner. Schubert will join the Extended Executive Committee on Oct. 1. The move follows declining U.S. sales, down 13.6% in 2025 and 7.4% in H1 2026. Schubert has 25+ years of experience at Volkswagen Group, including roles at Audi, Skoda, and Porsche.

Germany’s VDA industry chief Hildegard Müller told Bloomberg that Europe’s auto sector faces further restructuring, including additional job cuts and plant closures, to remain competitive. She linked the outlook to Volkswagen’s current problems and cited high energy and labor costs and regulatory pressure. The article also notes VW is reportedly considering closing four German factories and cutting up to 100,000 jobs, and SAIC Motor plans a €200m plant in Spain targeting 120,000 vehicles annuall