Volkswagen plans to close multiple German plants and cut jobs in a cost-reduction effort amid global chip shortage and EV transition.

Volkswagen plans to close at least three plants in Germany and may cut tens of thousands of jobs as part of a restructuring effort to reduce costs amid rising operational challenges. The company has struggled with a global chip shortage and the transition to electric vehicles, impacting its competitiveness. The specifics of the closures and job cuts remain undisclosed, but this move reflects broader trends in the automotive industry.

October 28, 2024
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