Volkswagen AG has begun to trim corporate jobs in China as it works to reduce overhead by a target of 20% globally over the next three years.

CEO Oliver Blume told employees that the company needed to end a three-decade-old job protection pledge that would have banned layoffs until 2029. View on euronews

Reports indicate Volkswagen may cut up to 30,000 jobs amid financial pressures. VW denied that number, but declined to say how many employees might be let go. Some of the deepest cuts could be made to the research and development departments.