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

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.