Investing.com -- Volkswagen plans to reduce its German workforce by 19,000 positions before the end of 2026, CEO Oliver Blume will announce to investors at the company's annual general meeting on June 18.

The automaker has set a binding target to eliminate more than 28,000 jobs by 2030, according to a transcript of Blume's prepared remarks for the shareholder meeting.

The company reduced factory costs at its German facilities by over 20% through 2025, Blume said in the speech.