 VW wants to boost its productivity |
A senior Volkswagen executive has denied a report that the firm may cut an extra 10,000 jobs, but admitted the situation at the company was "serious". VW personnel chief Horst Neumann insisted he had never suggested any plans to extend February's warning of a possible 20,000 cuts over three years.
"There is no reason to panic, and certainly no reason to create panic," he told the Reuters news agency.
VW has warned that 20,000 job cuts may be needed to boost productivity.
Most of the cuts are expected at its core VW car business, where it is continuing with a three-year restructuring plan, and has said some of its German plants are currently too expensive.
Voluntary agreements
Mr Neumann made his comments to Reuters after German news magazine Spiegel said an additional 10,000 jobs could be at risk because high costs meant production of the next generation Golf model could be moved out of VW's Wolfsburg facility.
VW said in February that it had no plans to shut any of its plants, including the six in western Germany.
It has also promised that any job cuts in Germany would be through early retirement or voluntary agreements.
Like almost all major carmakers, VW is suffering from tough competition and price cuts in the face of stagnant sales.
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