- Volkswagen CEO confirms plans to cut up to 100,000 jobs globally, doubling earlier estimates.
- Profits fell sharply from €22.6bn in 2023 to €8.9bn last year due to sales declines in China and the US, and competition from Chinese brands.
- The company faces 20% higher costs than rivals and is assessing the necessity and feasibility of adjustments across all brands and regions.
- Four German factories, including electric car plants in Zwickau and Emden, are under threat due to high operating costs.