Volkswagen’s » upcoming cost-cutting measures are crucial for addressing “decades of structural issues” within the company, according to CEO Oliver Blume » in an interview with Bild am Sonntag. He highlighted that sluggish market demand in Europe and significantly lower profits from China reveal long-standing challenges that the automaker must confront.
In a related development, the head of Volkswagen’s works council announced that the company is considering closing at least three factories in Germany » . This move could lead to the reduction of tens of thousands of jobs and a downsizing of other plants throughout Europe’s largest economy, indicating a more extensive overhaul than previously anticipated.
Although these plans have not been officially confirmed by Volkswagen, the company has requested its employees to accept a 10% salary reduction. Blume emphasized that this measure is essential for securing jobs and maintaining competitiveness within Europe. Read More »
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