00:02German car giant Volkswagen has announced that management and unions have agreed to cut a total
00:07of 100,000 jobs by the end of the decade. This includes a reduction of around 50,000 jobs on
00:15top of another 50,000 already agreed. Hit by US tariffs, patchy demand for electric cars,
00:22and above all fierce competition in and from China, Europe's largest carmaker is in trouble.
00:29The total 100,000 cuts will be the largest restructuring ever carried out in the global
00:34automotive industry, amounting to about 15% of the carmaker's staff worldwide. Volkswagen further
00:42said that management and unions agreed the future of four German plants could not be assured into
00:47the 2030s. Their closure would mark the first time Volkswagen has shuttered full-scale factories
00:55in its home country.
00:56So, thank you very much.
00:59Thank you very much.
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