VW profits plunge and deep job cuts loom amid tough Chinese competition

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Guardian World

VW profits plunge and deep job cuts loom amid tough Chinese competition

Carmaker, which is pushing through cost-cutting programme, expects sales to fall by up to 3% this year Volkswagen has reported a steep fall in profits and cut its revenue forecast amid a sales slump in China, as the German carmaker pushes through a brutal cost-cutting programme that includes slashing up to 100,000 jobs. The world’s second-largest maker of vehicles said it expects sales to fall by up to 3% this year, …