Volkswagen to Slash 100,000 Jobs as Chinese Rivals Disrupt Auto Industry

Volkswagen Group is facing a severe financial crisis, planning to cut over 100,000 jobs globally as cheaper Chinese competitors upend the market. CEO Oliver Blume warned in a memo that costs are 20% higher than key rivals, with a "theoretical loss" of 50,000 jobs globally. The group, which owns Porsche, Audi, and Skoda, had already announced 50,000 job cuts in Germany by 2030. Sales in China dropped 26% in the first half of the year, while US sales fell over 7% due to tariffs. In Australia, sales declined 20.6% last year and continue to fall. The company is reviewing model lines and production plans to survive.