VOW.DE is trading at $75.40 (-4.68%) as the stock experiences a sharp pullback.
- The decline is significantly driven by reports today that Volkswagen plans to lay off up to 100,000 employees and close four German plants as part of a major restructuring effort to address declining demand and high costs.
- This comes amidst profit-taking after a prior rally sparked by the €7.4 billion Everllence sale news yesterday.
- European automotive stocks are also trading under broader market pressure due to a wider sell-off and macroeconomic volatility.