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.