Volkswagen Considers Closing Plants in Germany

Published On Sep 2, 2024, 1:52 PM

Volkswagen is considering closing factories in Germany for the first time in its history due to increasing competitiveness pressures, especially from Asian car manufacturers. This move comes as the company faces profitability challenges and needs to implement significant cost-cutting measures. Previous agreements to save €10 billion by 2026 are seen as inadequate now. The powerful labor union IG Metall has expressed strong opposition to any job cuts, indicating a tense labor environment as the company attempts to stabilize its operations.