Volkswagen cuts 50,000 jobs and halts production at four plants

In Germany, Volkswagen's board approved a major cost-cutting plan that includes cutting 50,000 jobs and ending production at four plants. The decision aims to address challenges from low-cost competition in China and U.S. tariffs. CEO Oliver Blume stated that the plan will enhance the competitiveness of Volkswagen's brands, which include Audi and Porsche.