Crisis-hit car brand is dealt ANOTHER blow after axing 100,000 jobs and half of its models

EUROPE’S biggest automaker has been dealt another blow after axing 100,000 jobs and half of its models. It comes just days after the car giant announced that one-off charges will slash most of its profits. Volkswagen is no longer part of the Euro Stoxx 50 index Credit: Getty Volkswagen, Europe’s biggest carmaker, is no longer listed on the Euro Stoxx 50. Index provider Stoxx, owned by the Deutsche Borse Group, confirmed the news as part of its annual review at the beginning of September. Sign up for The Sun newsletter Thank you! Euro Stoxx 50 is comprised of fifty of the largest and most liquid Eurozone stocks. The change came into effect today as the markets opened. Volkswagen’s removal from the list comes as the company’s shrinking valuation no longer cleared the index’s threshold. Now, funds that track the index will have to sell holdings in Volkswagen, increasing pressure on the already precarious stock. It follows a tough year for the car giant, as last week, the company issued a profit warning for 2026 at no more than 1 per cent, following around €10 billion in one-off changes. The previous operating margin was at a range of 4 to 5.5 per cent. Most read in Motors Volkswagen has warned of “further deterioration in the market environment, especially in China, as well as an accelerated shift in demand in favour of battery-electric vehicles”. Earlier this month, the car giant announced it is set to axe 100,000 jobs by the end of the decade. At the time, Hans Dieter Pötsch, chairman of the VW supervisory board, said: “With the future plan now approved, the supervisory board and executive board of Volkswagen AG have shown that the company’s transformation is being driven forward with full force. “As the supervisory board, we are convinced that implementation of the future plan will secure the long-term viability and competitiveness of the Volkswagen Group.” This followed the shock announcement earlier this year that the brand would slash half of its car models as part of its bid to cut costs. Comment now