The European automobile industry is getting colder! Volkswagen is reportedly planning to cut up to 100,000 jobs globally in the coming years, with a 15% reduction in investment.

According to the securities times app, it was reported that Oliver Blume, CEO of Volkswagen (VWAGY.US), plans to cut the total global workforce by up to 100,000 people in the coming years. In addition, Blume plans to reduce investment by about 15% over the next five years, to slightly above 130 billion euros (148 billion dollars).