VW profits crash, up to 100,000 jobs at risk amid China sales slump

Volkswagen reported a steep drop in profits and cut its revenue forecast after a sales slump in China. The world's second-largest carmaker now expects sales to fall by up to 3% this year, reversing a previous forecast of a 3% increase on last year's €321.9bn revenue. The cost-cutting programme includes slashing up to 100,000 jobs.