Volkswagen reported a steep 64% drop in net profit to 1.58 billion euros for Q3, prompting urgent calls for cost cuts and potential plant closures.
The head of Volkswagen’s works council indicated that management had flagged plans for at least three plant closures in Germany, igniting employee discontent.
Despite a minor revenue decline, Volkswagen faces significant challenges from new competitors entering the European market, necessitating a reevaluation of their operational strategy.
Volkswagen has acknowledged the need to drop its long-standing job protection pledge amidst industry pressures, highlighting the volatile state of the automotive sector.
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