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The board of German car giant Volkswagen has approved a plan to cut another 50,000 jobs as part of the biggest restructuring in the group’s almost nine-decade history.

Japan’s Honda aims to cut more than $9 billion in costs over the next four years and has instructed suppliers to drastically reduce their prices, according to internal documents and one person familiar with ‌the matter.

Tesla sales slumped 40% across Europe in July compared with a year earlier as Elon Musk’s electric car company faces increasingly tough competition from its Chinese rival BYD.