Volkswagen plans to cut 50,000 jobs by 2030 as profits fall

Volkswagen has announced a major restructuring plan that will eliminate up to 50,000 jobs in Germany by 2030. The company says the cuts are necessary to save billions of euros annually after its profits fell by nearly half.

The profit decline is attributed to several challenges, including increased competition from cheaper electric cars in China and the potential impact of new tariffs proposed by President Donald Trump. The plan was announced by Volkswagen's CEO, Oliver Blume.