economy
March 10, 2026
VW to cut 50,000 jobs by 2030 amid Trump tariffs and falling Chinese sales
Car group reports 54% drop in pre-tax profits as it says Iran war could affect demand for Audi and Porsche brands
TL;DR
- Volkswagen will cut 50,000 jobs by 2030 across its 10 brands.
- Job losses are attributed to falling sales in China and North America, and US tariffs imposed by Donald Trump.
- Pre-tax profits dropped by 54%, largely due to US tariffs and a costly EV strategy shift at Porsche.
- The Iran war is cited as a factor increasing market uncertainty and potentially affecting demand for Audi and Porsche.
- Volkswagen aims to reduce costs, leverage synergies, and decrease complexity to improve profitability.
- Rival Renault aims for 100% electric and hybrid sales in Europe by 2030.
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