Volkswagen to cut another 50,000 jobs amid major overhaul

Volkswagen plans to cut another 50,000 jobs worldwide as it tries to lower costs after pressure from higher U.S. tariffs, weaker vehicle sales in China, and tougher competition. The German automaker said its supervisory board approved the plan unanimously on Sept. 3, calling it the biggest overhaul in Volkswagen’s 89-year history. The latest reductions come on top of 50,000 jobs Volkswagen had already planned to eliminate, bringing the total to about 100,000 positions. Investors reacted positively: Volkswagen shares rose Friday to their highest level in nearly three months. CEO Oliver Blume said the company will invest a “three-figure billion” sum in future vehicles and technology while simplifying management and cutting models by about half by 2035.