"Profound change required": Volkswagen plans 100,000 job cuts and four plant closures

AI Summary

Volkswagen announced plans to cut 100,000 jobs and close four German plants due to intense competition from Chinese electric vehicle makers. The company also aims to reduce R&D spending by 15%, marking its largest restructuring effort amid global market pressures.

Volkswagen is planning a massive job cut of 100,000 positions and the closure of four German plants. This drastic overhaul, the most significant in its history, aims to counter intense competition from Chinese electric vehicle makers. The automaker also intends to reduce research and development spending by 15% as it faces declining market share in China and growing pressure from rivals expanding globally.