Volkswagen reports major profit drop and plans large job cuts

Volkswagen announced a significant drop in its profits. The company also said it plans to cut up to 50,000 jobs in Germany by 2030, aiming to save around 6 billion euros per year.

Separately, the company's supervisory board chairman, Hans Dieter Pötsch, is expected to be nominated for a third term. Another report states that the defense company Rheinmetall will not take over a Volkswagen plant in Osnabrück.