India, March 11 -- Volkswagen Group, Germany's largest carmaker, plans to cut around 50,000 jobs in Germany by 2030 as the company grapples with a sharp decline in profits, media reports said.

Chief executive Oliver Blume told shareholders that the job reductions would affect the entire group, including brands such as Audi and Porsche, according to a report by BBC.

"In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany," Blume said in a letter to shareholders included in the company's annual report.

The automaker reported a sharp financial setback in 2025, with net profit plunging 44% to €6.9 billion, marking its weakest performance in nearly a decade.

Although Volkswagen recorded growth i...