Volkswagen Group will slash 50,000 jobs in Germany by 2030, facing its steepest profit decline in nearly a decade amid U.S. tariffs and collapsing earnings.
CEO Oliver Blume told shareholders the reductions would extend to Audi, Porsche, and software unit CARIAD.
The announcement coincided with Volkswagen's annual report, which showed operating profits plunged 54 percent in 2025, their lowest since 2016. The report blamed U.S. tariff policies for the decline.
Volkswagen forecasts a recovery in 2026, but finance chief Arno Antlitz stressed the company must "rigorously" cut costs.
Volkswagen to cut 50,000 jobs by 2030 as profits hit decade low
Volkswagen to cut 50,000 jobs by 2030 as profits hit decade low
Liuzhai, once a remote and impoverished village in north China's Shanxi Province, has transformed itself into a model of rural revitalization by advancing modern agriculture and tourism, a national political advisor said in a group interview in Beijing on Wednesday.
Cheng Yuzhen, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Party branch secretary of Liuzhai Village in Changzhi City, briefed the media on dramatic changes in her village over the past years ahead of the closing meeting of the fourth session of the 14th CPPCC National Committee.
"During the process from lifting ourselves out of poverty to revitalizing rural areas, we focused on developing distinctive industries and building self-sustaining capabilities. Leveraging the village's traditional liquor-making techniques, we established a modern distillery and built our own brand. This initiative has provided stable income to over 300 households growing sorghum nearby. At the same time, we developed 108 greenhouses and cultivated about 20 hectares of field vegetables," said Cheng.
The village has developed six pillar industries, including greenhouse vegetable production, photovoltaic power generation, and minor grains processing. In 2016, all the residents in the village shook off absolute poverty.
"Additionally, we've integrated the village's industries to develop tourism. Last year, we hosted over 30 events including bonfire parties, fruit picking and rural food festivals, attracting thousands of visitors from surrounding cities. Now, our village's per capita income has surpassed 25,000 yuan (about 3,635 U.S. dollars)," said Cheng.
The annual session of the 14th CPPCC National Committee, China's top political advisory body, opened on March 4 this year.
Political advisor shares village's efforts, changes in rural revitalization
