Germany is a by-word for car manufacturing. But today Volkwagen has issued a warning that has people wondering whether it has reached the end of road as an industrial power house.
At a special meeting of the workforce at its headquarters, VW executives told employees the company may have to close factories in Germany if it’s to survive a huge slump in car sales. Competition from Chinese car makers and a failure to innovate in electric car technology has left them chasing the pack.
0:00 VW’s warning from Germany
3:18 Carsten Brzeski, ING Bank Chief Economist
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