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Tue, 10 Mar 2026

Tue, 10 Mar 2026 Volkswagen to cut 50,000 jobs as profits drop

Europe's largest carmaker said post-tax profits had dropped to their lowest level since 2016.
Volkswagen plans to cut around 50,000 jobs in Germany by 2030 due to declining profits and increasing competition. The company's profits dropped by 44% in 2025 due to US import tariffs, intense competition from China, and high restructuring costs from transitioning to electric vehicles. Despite projecting a recovery in the coming year, Volkswagen's finance chief emphasized that further cost-cutting is necessary. The group has already agreed to cut over 35,000 jobs with unions as part of a €15 billion (£12.4 billion) savings plan.