Reported about 1 month ago
Volkswagen is contemplating its first-ever closure of German auto plants due to significant financial pressures, as it struggles to achieve €10 billion in cost savings by 2026. The announcement has alarmed employees and German politicians alike. With the European car market shrinking, competition from Chinese manufacturers is intensifying, challenging VW’s electric vehicle sales and profitability. Employee representatives, who hold significant influence within the company, have expressed strong opposition to potential layoffs and plant closures, complicating management's cost-cutting objectives.
Source: YAHOO