Volkswagen is planning to close factories in Germany and cut tens of thousands of jobs, facing intense pressure to cut costs amid sliding sales and profits.
The company's market share in China has diminished as local rivals like BYD offer cheaper electric vehicles, while sluggish demand in Europe compounds the situation.
Analyst Matthias Schmidt notes that the European car market's slow recovery post-pandemic has led to overcapacity and underutilization, necessitating significant restructuring.
The potential factory closures and job cuts portray a challenging outlook for VW, setting the stage for conflict with unions who have a strong influence in the company.
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