Reports indicate Volkswagen may cut up to 30,000 jobs amid financial pressures. VW denied that number, but declined to say how many employees might be let go. Some of the deepest cuts could be made to the research and development departments.

A consumer slump in China, coupled with the market’s rapid shift toward EVs, has turned the former stronghold for Volkswagen into a weak spot.

CEO Oliver Blume told employees that the company needed to end a three-decade-old job protection pledge that would have banned layoffs until 2029. View on euronews