Economics

After bleeding EUR 1.5B for 15 years, Volkswagen considers closing down German factories first time in its history, workers threat with a strike

After bleeding EUR 1.5B for 15 years, Volkswagen considers closing down German factories first time in its history, workers threat with a strike

https://www.theguardian.com/business/article/2024/sep/07/an-earthquake-at-volkswagen-and-a-crisis-for-germany

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Wow this is massive, did someone fall at sleep while driving the company?

“We are short of around 500,000 car sales a year,” VW’s financial chief, Arno Antlitz, reportedly told the hall. That, he said, was the equivalent of production from two factories. “It’s not to do with our product or poor performance. The market is simply not there any more.” He gave the company “one or two years” to turn the situation around. Experts estimate that VW has about 20,000 employees too many.

well you can only produce so many cars, if most of population who can afford one - already got it, then those huge manufacturers are doomed

unless they can offer a 4-wheel that people would want to switch over from anything else