Volkswagen jumps 6% on plans to cut 50,000 jobs amid tariffs, China competition

Volkswagen employees are taking part in an information and protest event organized by IG Metall in front of the VW plant in Zwickau.Picture Alliance | Picture Alliance | Getty ImagesVolkswagen shares jumped on Friday after it announced plans to slash a further 50,000 jobs as part of a historic transformation plan amid intensifying tariff pressures and competition from China. Europe's biggest carmaker said Thursday that its supervisory board had approved its Future Plan 2030, comprising 12 initiatives that would result in the "most strategically profound transformation program" in the group's 89-year history. This includes cutting around 50,000 positions, including management roles, it said, citing global competition, changing demands, and technological shifts. It also said it plans to streamline its leadership with a flatter hierarchy. It adds to 50,000 job cuts that were already approved, bringing the total job reductions to 100,000. Volkswagen topped the Stoxx 600 on Friday and was up 5.8% shortly after the opening bell. It's down 21% since the beginning of the year. Stock Chart IconStock chart iconVolkswagen's shares from the beginning of the year. The company will also simplify...