Volkswagen Group is facing significant challenges, with plans to potentially cut up to 30,000 jobs in Germany over the medium term, according to Manager-Magazin. This comes as Chief Financial Officer Arno Antlitz aims to reduce the company's investment budget for the next five years to €160 billion,

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

VW is considering axing as many as 30,000 jobs as it scrambles to save billions of euros amid a slowdown in the car market, German media has reported. The carmaker recently announced it could close some of its German factories for the first time in history as it struggles to reinvent itself for the electric era.

Volkswagen is struggling to compete in China's growing NEV market, with partnerships in place for potential software improvement. Read more here.

Volkswagen is planning to stop production at one of its combustion engine car plants in China, a person with direct knowledge of the matter said, in a sign of carmakers' struggles to manage overcapacity in the world's biggest car market.