The beleaguered auto giant reached a deal with unions to cut tens of thousands of jobs and slash production. Is it enough to revive an iconic German company?

Volkswagen just revealed a major shift in its North American strategy, and pickup trucks are officially part of the conversation for the US market.

Volkswagen's sweeping restructuring underlines the force of the China shock hitting Germany's economy as the world's biggest car market, short years ago a major profit center, rapidly becomes a major competitive challenge.

To win approval to cut thousands more jobs, automaker kicked questions about factory closures and governance down the road.

Volkswagen Group announced late Thursday that it plans to eliminate 50,000 jobs and cut half of its vehicle offerings. The German automaker is struggling with headwinds from increasing Chinese competition in Europe and tariff costs on its shipments to the US market.

Volkswagen's sweeping restructuring underlines the force of the China shock hitting Germany's economy as the world's biggest car market, short years ago a major profit center, rapidly becomes a major competitive challenge.