CHINA

The plans will include significant cost reductions, the four plant closures and roughly 50,000 extra job cuts, sources say

It will discontinue production at four of the group’s German plants

In a joint letter, they are calling for 70% of vehicles sold in EU to source 70% of their value from within the bloc

Exports grow 75.1% but the increase isn’t enough to counter the domestic slump

But partnering local companies carries big risks

The figure is down by an unexpected 14% to 2.5 billion euros

The downgrade reflects slower structural growth in the world’s largest car market

Its operating profit of 8.9 billion euros misses analysts’ forecast of 9.4 billion euros

Volkswagen was second and Hyundai-Kai third