Volkswagen may be considering at least 15,000 job cuts as it struggles against tough competition, Jefferies analysts wrote following three days of conversations with the German automaker's management.

German auto giant Volkswagen formally terminated a three-decade-old job security deal with labour on Tuesday, opening the door for compulsory redundancies at the company from July 2025. Volkswagen Europe's largest car manufacturer,

Volkswagen said on Tuesday it was scrapping a range of labour agreements including a guarantee of jobs until 2029 at six German plants, raising the prospect of redundancies from next year that worker representatives have vowed to resist.