
German Chancellor Friedrich Merz expressed hope for Korean reunification during a visit to Seoul, while Volkswagen reported a €5.8 billion third-quarter loss amid mounting restructuring and competition challenges.
AI-generated summary
The Korean Peninsula has been divided since the Korean War ended in 1953. Volkswagen faces growing pressure from Chinese competitors and EV transitions.
German Chancellor Friedrich Merz, who is visiting Seoul, said at the start of his visit that he hopes North and South Korea will eventually be reunited.
The Korean Peninsula has been divided into two states since the Korean War ended in 1953.
Merz pointed to his own country's division between West and East Germany for much of the second half of the 20th century.
"Korea and Germany are united by the painful experience of division," he wrote in the guest book during his meeting with South Korean President Lee Jae Myung.
"I also wish for the people of Korea what we are fortunate to experience in Germany: unity in freedom."
North Korea is a largely isolated dictatorship ruled by Kim Jong Un, while the South is a democracy that has close ties with the West.
The two Koreas technically remain at war since a truce ended hostilities.
Merz is set to visit the demilitarized zone (DMZ), which divides the two countries, on Friday.
The German chancellor's visit to South Korea is the last stop on his tour of Asia this week, which has also seen him visit Japan and Singapore.
Volkswagen (VW) reported third quarter losses of €5.8 billion ($6.5 billion) on Thursday, as it faces rising competition from China.
Germany's biggest car maker had reported a loss of just over €1.07 billion in the same period last year.
Volkswagen, like other car makers, has struggled to keep pace with fierce competition from China, the world's biggest car market. VW has also struggled with the transition to electric vehicles and with declining demand.
Volkswagen last month warned that its 10-brand group, which includes makers such as Audi, Seat and Skoda, was facing a 10-billion-euro hit to its annual profits.
The most significant hit came from Porsche, Volkswagen's luxury sports car and SUV subsidiary. Porsche, which was once a major driver of profits for the VW group, was also one of the main factors behind VW's quarterly losses in 2025.
The luxury brand has been hit by a sales slump in China, US tariff policy and its electric vehicle strategy.
VW announced this year that it plans to cut over 100,000 jobs across the group by the end of the decade as it tries to reduce costs. It announced on Thursday that its restructuring would cost the company 31 billion euros.
The company is considering or has decided to shut down multiple German factories — including plants in Zwickau, Emden, Hanover, and Neckarsulm.
"What matters now is swift and consistent implementation," Arno Antlitz, VW's chief financial officer said in a statement. "We cannot lose any time and need to act quickly and decisively."
AI outlook — possibilities, not facts
VW will cut over 100,000 jobs by the end of the decade
Very likely · Within months

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