Volkswagen approves 50,000 job cuts amid Chinese competition, weak demand

Volkswagen has approved a plan to cut 50,000 jobs as part of a cost-reduction drive responding to intensifying Chinese competition and weak demand. The move signals deepening pressure on European automakers from the EV transition and market share losses in China. The scale of cuts is significant for the German economy and the broader auto sector, though the timeline and specific sites remain uncertain.