00:00Volkswagen has announced 50,000 job cuts in Germany by 2030 as the car makers' profits fell by 44%, hitting
00:08their lowest level since 2016.
00:11Europe's largest automobile manufacturer had already struck a deal with unions in 2024 to cut 35,000 jobs within its
00:18main brand to save 15 billion euros a year.
00:22Additional cuts will now hit premium brands, including Audi and Porsche, as well as the company's software subsidiary, Cariad.
00:30Already struggling with stagnant demand in Europe, especially for electric cars, and cratering sales in China, the 10 brand group
00:37has also felt the severe effects of U.S. tariffs on non-American car makers.
00:42Chinese electric rivals like BYD and Geely have created fierce competition for the German giant, both locally and internationally.
00:51Volkswagen's head of finance, Arno Antlitz, warned that further cost-cutting is essential to make the firm competitive again.
00:58For 2026, Volkswagen expects a core profit margin of between 4 and 5.5%, potentially even lower than the 4
01:05.6% it recently achieved.
01:0745,000 job cuts in
01:109 ŃЎДлаŃŃ 50,000 jobs in the factory.
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