Volkswagen Shares Jump 6% After Board Approves Plan to Cut 50,000 Jobs and Phase Out Four Factories

Summary

Volkswagen shares jumped 6% after its board approved a major cost-cutting plan, including reducing its workforce by 50,000, phasing out four German factories, and halving its model range. This restructuring aims to address challenges like fierce Chinese competition and US tariffs, which have impacted the company's profits.