The Volkswagen Group will slash the number of models offered by its various brands by up to half and substantially cut production, as part of a range of measures set to include up to 100,000 job cuts and a number of plant closures.
The German giant, whose brands include Audi, Bentley, Lamborghini, Porsche, Seat-Cupra, Skoda and Volkswagen, said the moves were in reaction to substantial pressures on its business model, including increased Chinese competition, regulation, tariffs and geopolitical tension.
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