Volkswagen considering closure of German auto plants to meet cost-cutting goals

From Yahoo Finance: 2024-09-08 03:23:59

Volkswagen is considering closing plants in Germany to meet cost-cutting goals due to oversupply and underutilization. The core brand must save 10 billion euros by 2026. While the company made a profit in the first half of 2021, it’s facing challenges such as higher costs and lower margins for electric vehicles. China’s competitive EV market is also a threat. VW’s plans to close factories in Germany are controversial, with worker representatives pushing back against layoffs. The potential impact is significant due to the company’s historical presence in the country and political implications for the German government.



Read more at Yahoo Finance: As Volkswagen weighs its first closure of a German auto plant, workers aren’t the only ones worried