Europe's Industrial Hollowing-Out Accelerates? Volkswagen Plans to Cut 50,000 Jobs in Its Largest-Ever Restructuring

Volkswagen CEO Oliver Blume announced that the group is advancing its largest-ever transformation plan, intending to cut 50,000 jobs, with details to be officially disclosed this week. Union leader Christiane Benner dismissed the plan as a "hard-line provocation," stating that management trust has been severely damaged. Nomura analysts warned that Europe's ongoing industrial hollowing-out is breeding deeper political turmoil.