Volkswagen plans to close at least three manufacturing plants in Germany and lay off tens of thousands of workers in a sweeping restructuring. This move, part of a strategy to cut costs, responds to weakened demand in China and Europe and intensifying competition from Chinese automakers.
- Plant Closures: Three German factories are slated to shut down, with remaining facilities expected to be scaled back.
- Mass Layoffs: Volkswagen anticipates a substantial reduction in its workforce, although exact numbers are yet to be disclosed.
- Strategic Shift: CEO Oliver Blume highlighted high costs and urgent competitiveness challenges as key drivers for the overhaul.
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