Volkswagen to close plants and lay off thousands in Germany

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.

Sources:

• Reuters
• Business Today
• The Print