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⚡ Markets: The scale of the job cuts highlights the severe margin pressure and competitive challenges facing legacy automakers from both Chinese EV makers and Tesla, with negative implications for the entire European auto supply chain.VOWG.DEEuropean auto stocks
German automaker Volkswagen has approved a major sanitation plan to address increased competition and the costly transition to electric vehicles. The plan involves eliminating up to 50,000 jobs and puts four domestic factories at risk of closure.
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