Volkswagen Approves Major Restructuring
Volkswagen has secured a turnaround agreement with unions and shareholders to approve a massive restructuring plan. The automaker will cut fifty thousand jobs to address overcapacity and fierce competition.
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VOLKSWAGEN AG approved a turnaround plan on Thursday evening, cutting 50,000 jobs to combat fierce competition. The restructuring marks the automaker's largest-ever overhaul amid mounting overcapacity. Surging pressures from China and domestic headwinds triggered the sweeping cuts.
