Volkswagen's warning of job cuts and production line closures is unprecedented in its 87-year history, reflecting the challenges facing Germany's largest carmaker due to rising costs and competition.
The automaker must achieve around $11.1 billion in cost savings over the next three years, risking thousands of job losses and the shutdown of some German assembly lines.
Carsten Brzeski stated, 'Volkswagen represents the success of German industry over the last nine decades. But this story tells us what four years of stagnation and ten years of declining competitiveness can do to an economy.'
Germany's economy contracted 0.3% last year, showing an end to 10 years of uninterrupted growth, creating a challenging landscape for German industries like Volkswagen.
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