Volkswagen's stock is close to hitting a 15-year low

Volkswagen’s stock is close to hitting a 15-year low as market pressure grows after reports the automaker plans a major job-cutting and restructuring package. Shares in the Tiguan and Atlas manufacturer fell almost 2% on Monday on the Frankfurt exchange, putting the stock on track for its lowest close since October 2010, according to Dow Jones Market Data. The decline follows a report from Manager Magazin, published Friday before the Frankfurt close, saying Volkswagen would cut up to 100,000 positions. The move would be near one in six of the company’s more than 650,000 employees, based on last year’s annual report. Volkswagen also reportedly plans to spin off its core VW brand into separate entities. The company already announced 50,000 job cuts in Germany by 2030 and faces intensifying competition from Chinese EV makers such as BYD, Changan, and Chery.