Volkswagen's quarterly profit plunged by 42%, highlighting the necessity to cut costs and improve efficiency, especially considering imminent plant closures and layoffs in Germany.
Arne Meiswinkel emphasized, "The situation is getting worse due to falling demand in China and rising costs, particularly in Germany, pushing us to consider plant closures."
Union leaders warned they would prepare for strikes unless Volkswagen guarantees that all 10 of its factories in Germany remain operational during negotiations.
Volkswagen reported a profit of only 2.86 billion euros, the lowest in three years, coinciding with wage discussions amid a challenging car market.
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