Economy

The future of the automotive sector
Sources: VW wants to cut 100,000 jobs and close factories

Volkswagen plans to cut its workforce by 100,000 employees and close four German factories in the coming years, sources told German Manager Magazin.

CEO Oliver Blume also reportedly wants to reduce investments by 15 percent over the next five years.

The group's main brand Volkswagen and the factories for manufacturing spare parts will also be spun off into a separate company, the newspaper writes.

VW has previously announced cuts of around 50,000 jobs as the automotive giant, like European rivals, is pressured by tariffs and cheaper Chinese models, writes Reuters. 

The listing boom
Sources: Open AI's stock market debut may be delayed until next year

ChatGPT developer OpenAI is considering postponing its stock market listing on Wall Street until next year, sources told the New York Times.

The background is said to be the recent technology frenzy on the stock exchanges. This applies not least to the shaky trading in the newly listed Elon Musk's space company SpaceX, which has reportedly prompted OpenAI's advisors to suggest that the company proceed more slowly.

CEO Sam Altman is said to have pushed for the advisory banks to find a way for OpenAI to achieve a valuation of $1 trillion in an IPO during the fourth quarter of this year. In the latest financing round in March, the company was valued at $730 billion.