VW Freezes Salaries to 2030, 100K Jobs at Risk in Cost-Cutting Drive

Volkswagen is escalating its cost-cutting program, planning a salary freeze until 2030 and warning of up to 10% income cuts for employees, with four German factories at risk of closure. This follows earlier mass layoff announcements, signaling a deepening restructuring amid weak EV demand and competitive pressure. The move underscores structural challenges in the European auto sector and could weigh on German growth and sentiment.