Volkswagen Considers Historic German Plant Closures Amid Chinese EV Competition Pressure

Published on September 3, 2024

Volkswagen is considering factory closures in Germany for the first time amid increasing pressure from cheaper Chinese electric vehicle competition. The automaker is targeting $11 billion in savings by 2026 to survive the transition to electric cars. “The situation is extremely tense and cannot be overcome by simple cost-cutting measures,” Volkswagen brand chief Thomas Schäfer said in a statement on Tuesday. As Germany’s largest industrial employer and Europe’s top carmaker by revenue, Volkswagen employs around 680,000 staff. It said that amid the pressure, it also felt forced to end its job security program, which has been in place since 1994 and prevents job cuts until 2029....

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