VW plans to cut up to 10,000 jobs and shut plants, report says

Volkswagen, Germany's largest automaker, is reportedly planning to cut up to 10,000 jobs and shut down some of its plants, aiming to streamline operations and reduce costs amid fierce competition from Chinese automakers. This move, if confirmed, would double the previously announced reductions and signals a significant shift in strategy for the company. The decision underscores the intense pressure European auto giants face in the global market, particularly from rising Asian competitors. This could have broader implications for the industry, suggesting a potential wave of restructuring across European manufacturing.