Volkswagen announces 50,000 job cuts in major restructuring
Volkswagen's supervisory board approved a plan to cut 50,000 jobs worldwide as part of its largest restructuring in 89 years, aiming to address US tariffs, overcapacity, and competition from Chinese rivals. The plan includes exploring alternatives for four German plants that will phase out models by 2031. The announcement averted a clash with unions and led to a 7.9% rise in shares.
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Original headline: “Volkswagen to cut another 50,000 jobs to counter tariffs and Chinese competition.” Browse more stories.