VW considers one large vehicle plant and one component factory in Germany to be obsolete, its works council said as it vowed ‘fierce resistance’ to the executive board’s plans
Volkswagen is considering closing factories in Germany for the first time, in a move that shows the pressure Europe’s top carmaker is facing from cheap Asian competition.
Analysts have in the past named VW sites in Osnabruck, in Lower Saxony and Dresden, in Saxony, as potential targets for closure. The state of Lower Saxony is Volkswagen’s second-largest shareholder and on Monday supported its review. VW, which drives most of Volkswagen’s unit sales, is the first of its brands to undergo a cost-cutting drive targeting 10 billion euros in savings by 2026 as it attempts to streamline spending to survive the transition to electric cars.
VW has lost almost a third of its stock market value over the past five years, making it the worst performing stock among the major European carmakers.
Saxony Gmt Germany Move Cavallo Carmaker Chief IG Metall Herbert Diess Lower Saxony
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