Volkswagen plans to cut up to 100,000 jobs and close four German plants

Volkswagen is reportedly planning to cut up to 100,000 jobs worldwide and close four factories in Germany. The automaker is facing pressure from falling sales, especially in China, and the shift to electric vehicles.

German politicians, including members of the SPD, have signaled openness to easing dismissal protections for top earners to help companies adjust. The cuts would be among the largest in the company's history.