Volkswagen (VLKPY) plans to cut model lineup by 50% and capacity

Volkswagen (VLKPY) announced plans to reduce its model lineup by up to 50% and lower production capacity to nine million vehicles annually, down from a pre-pandemic goal of 12 million. This comes amid reports of potential job cuts affecting up to 100,000 workers and closure of four German plants, including Zwickau and Hanover. Despite the drastic changes, the company did not confirm job cuts at this time, aiming for a more resilient future. The stock was trading down 0.8%, having fallen over 30% from previous highs, indicating investor concerns about the company's restructuring efforts.