Volkswagen has said it will cut 50,000 jobs in Germany by 2030 as its profits dropped to their lowest level since 2016.
Chief executive Oliver Blume told shareholders that the cuts would take place in Germany and fall across the entire group, including Audi and Porsche.
Europe’s largest carmaker said post-tax profits had fallen by around 44% in 2025.
It said it was hit by US import tariffs, intense competition from China and high restructuring costs from the shift to electric vehicles.
The firm projects a recovery in the coming year, but its finance chief stressed that it would have to focus on “rigorously” reducing costs.
“In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany,” Blume said in a letter to shareholders in the firm’s annual report.
https://www.msn.com/en-us/money/companies/volkswagen-to-cut-50000-jobs-as-profits-drop/ar-AA1XTGY7