Volkswagen CEO urges faster cost-cutting amid industry pressures

German carmaker Volkswagen intends to accelerate the ongoing cost-cutting program at its core brand, Thomas Schäfer, the CEO of Volkswagen Passenger Cars said on Monday.

"We have absolutely no time to lose and will therefore significantly ramp up our performance program once again," Schäfer said.

His remarks at a staff meeting at the company's main plant in Wolfsburg came as automotive workers across Germany held protests, calling on management to secure jobs.

Schäfer said around 16,300 redundancies have been finalized in Germany, with a total of just under 28,800 agreed upon by 2030, close to the target of 35,000.

He called this "good progress," but warned that it was not enough.

In early September, Volkswagen said it would be cutting a total of 100,000 jobs worldwide by the end of the decade.

Germany's carmakers are under pressure from increasing Chinese competition, while also having to contend with high energy prices, US tariffs and falling demand at home.

Fallout from the weekend's state elections continues to dominate headlines in Germany, and we will be looking at party reactions to the results, which represent a considerable upheaval in the country's political landscape.

Germany's automotive industry is also facing great changes in the face of multiple challenges, with key carmaker Volkswagen doubling down on streamlining measures it says are needed to remain competitive.

And, as a reflection of the security challenges currently facing Europe, the Ruhr city of Essen is hosting a new defense industry trade fair, Eudex, featuring 350 exhibitors from 28 countries.