Volkswagen shares rose 6% on Friday after the company’s board of directors approved sweeping cost cuts aimed at confronting challenges including ferocious Chinese competition and US tariffs

CEO Oliver Blume’s plan to make company smaller and less German has sparked union and political outcry. “Detroit-ization’” is a new buzzword. | Business News

Volkswagen’s board has approved a major cost-cutting plan to counter low-cost competition in China and U.S. tariffs

Volkswagen’s board backs 50,000 additional job cuts, fewer models and a smaller industrial footprint as the carmaker targets a 9% margin by 2030.