Volkswagen announces major job cuts and possible plant closures in Germany
Volkswagen disclosed a sweeping restructuring plan that will eliminate thousands of jobs in Germany and may lead to factory shutdowns.
The German automaker revealed a drastic cost-cutting package, cutting a large number of positions across the country. The plan also raises the prospect of closing some production sites. Local communities are increasingly worried as the company's presence underpins regional economies. The announcement marks the deepest contraction in Volkswagen's recent history.
Why it matters
The cuts threaten jobs and economic stability in German regions dependent on Volkswagen.
In this story
Volkswagenjob cutsplant closuresGermanyrestructuringregional economyautomotive industry
