Volkswagen and Rivian named leaders for their multibillion-dollar joint venture and showcased a prototype electric vehicle, signaling their commitment even as global EV demand softens.

Schaeffler AG will cut about 4,700 jobs in Europe and close two sites as a deepening slump at Volkswagen AG and other German carmakers ripples through their supply chains.

Arne Meiswinkel, the automaker’s chief negotiator, said the plan includes a 10% pay cut and revised bonus system. The measures aim to strengthen the VW brand.

Volkswagen AG plans to close at least three factories in Germany as Europe’s biggest automaker tries to slash expenses to become more competitive.

Volkswagen AG’s forthcoming Scout line of battery-powered sport utility vehicles and pickup trucks is adding gasoline-fueled internal combustion engines to the mix.

Traton SE is targeting slightly higher returns in the coming five years by expanding in North America and selling more higher-priced electric trucks.

Volkswagen AG has begun trimming corporate jobs in China as part of its goal to reduce overhead by 20% globally over the next three years.

Volkswagen AG could force through decisions on plant closures this year, paving the way for more than 15,000 job cuts, according to analysts at Jefferies.

Volkswagen Chairman Hans Dieter Pötsch said "politicians have given the industry targets without the necessary infrastructure being available."

Volkswagen is ending job protections for auto workers in Germany as part of its cost-cutting push, setting up a showdown with unions.