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A dramatic cost-cutting exercise by German auto giant Volkswagen could result in up to three factories being closed in its home country, the head of the manufacturer’s works council has told anxious employees. Last month, Reuters reported that the Volkswagen Group is targeting savings of €10 billion by 2026. At the time, the carmaker’s works council said at least one vehicle plant and component factory were considered “obsolete”.
“The situation is serious and the responsibility of the negotiating partners is enormous … Without comprehensive measures to regain competitiveness, we will not be able to afford essential investments in the future,” said Volkswagen Group board member Gunnar Kilian, reports Reuters. Volkswagen brand CEO Thomas Schäfer reportedly said the company’s German factories were operating at 25 to 50 per cent above targeted costs, driving part of the company’s desire to cut expenditure.
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