Volkswagen near 15-year low on reports of 100,000-job cut plan

Key Facts

1Shares in German carmaker Volkswagen slumped following reports of a plan to cut up to 100,000 jobs.

2Volkswagen's stock is near a 15-year low.

In a development reflecting mounting pressure on the German auto sector, shares of Volkswagen (VWAGY) slumped after reports of a plan to cut up to 100,000 jobs, according to MarketWatch. The stock is now near its lowest level in 15 years, highlighting investor concerns over the company's cost structure and future profitability.

The decline comes as EU new car sales data showed slowing growth, rising just 3.2% in June versus 5.1% the prior month, per market data. The European auto industry also faces structural challenges, including the shift to electric vehicles and rising raw material costs.

VWAGY shares trade at $8.58 (close of June 26), near the session low of $8.54. The stock is likely to remain under pressure until the company clarifies the scope of its restructuring plan, with near-term volatility expected in the absence of clear positive catalysts.