Volkswagen considers German factory closures amid rising costs, Asian competition, and a €10bn ($11bn) savings plan.

Volkswagen is contemplating its first-ever factory closures in Germany due to rising costs and intense competition from Asian automakers, particularly in the electric vehicle sector. The company announced a €10 billion ($11 billion) savings initiative, which may include layoffs and the termination of a long-standing job security agreement with unions. This move has sparked significant pushback from labor representatives, who cite mismanagement as a contributing factor to VW's struggles.

September 02, 2024
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