VW seeks unprecedented plant closings as auto crisis deepens

November 05,2024

Volkswagen AG plans to close at least three factories, eliminate thousands of jobs and slash wages for tens of thousands of German workers as Europe’s biggest automaker tries to halt its tailspin.

The proposals to fix the struggling VW brand represent unprecedented cuts and underscore the extent of the crisis at Volkswagen. The German manufacturer has never closed a factory in its home country and a plan to reduce salaries by 10% could affect some 140,000 workers there.

Source: Bloomberg