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Volkswagen Cuts 50,000 Jobs by 2030
Volkswagen will cut 50,000 jobs by 2030. It is Europe's largest car maker.
The cuts will affect Germany. Sales have fallen in China and North America.
Volkswagen reported a 54% drop in pre-tax profits. Post-tax profits hit their lowest level since 2016.
Donald Trump's US tariffs are hurting the company. Luxury brands Porsche and Audi are also under pressure. Volkswagen warned an Iran war could hurt luxury car sales.
Klear Note — Volkswagen is Europe's biggest car maker. Tariffs are taxes on imported goods that make cars cost more in stores.
Key Terms 4
- tariffs
- extra taxes on goods bought from other countries
- pre-tax profits
- money a company earns before paying taxes
- post-tax profits
- money a company keeps after paying taxes
- subsidiaries
- companies owned and controlled by a larger company