Volkswagen, we are told, may have to close down several of its production plants in Germany due to falling profits. Consumers in China and other major markets simply are not buying cars like they once did, so Volkswagen may have no choice but to scale back its operations.
The news comes as Germany reported a slight contraction in second-quarter growth. This points to an imminent recession or worse as Volkswagen tries to overcome its woes by investing in Mexico and the Americas.
The future of production for Volkswagen, a Germany company, appears to be all the way across the Atlantic Ocean.
"VW is considering unprecedented factory closures in Germany in a bid for deeper cutbacks, delivering another blow to Chancellor Olaf Scholz's government," reports indicate.
Volkswagen CEO Oliver Blume commented that Germany's economic environment has become "even tougher" as "new players are pushing into Europe."
"Germany as a business location is falling further behind in
terms of competitiveness," Blume added ominously. "Any shutdowns would
mark the first closures in Germany during the company's 87-year history,
setting VW up for a clash with powerful unions."...<<<Read More>>>...
