The iconic German firm will slash 50,000 jobs and make far fewer models, but it still faces major tests amid fierce competition from Chinese car makers.

Volkswagen, the world's second-largest automaker, is trying to get more nimble. It's planning huge job cuts as Chinese automakers step up competition.

The German car maker’s latest overhaul comes after being hit hard by rising competition from China, US tariffs and lacklustre sales in Europe.

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.