Germany — Europe’s biggest economy — has been facing growing headwinds, and today workers at Europe’s biggest carmaker — Germany’s Volkswagen — learned their future could be on the line.
Staff representatives announced on Monday that VW intends to close at least three plants in Germany, and slash tens of thousands of jobs.
VW currently employs more than 100,000 workers at ten plants here in Germany, mostly in the country’s north.
So far, management has not confirmed the plans. But ahead of the next round of wage negotiations later this week, CEO Thomas Schäfer issued a statement hinting at deep cuts.
If the company were to go ahead with this plan, it would be unprecedented in the German automaker’s 87-year history. Such plant closures had been considered off the table until now.
Chapters:
0:00 Volkswagen’s works council says the carmaker intends to close at least three factories in Germany
3:07 Prof. Peter Bofinger, Economist, Würzburg University
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