German carmaker warns of stagnation in the European sector amid news of deeper-than-expected actionBusiness live – latest updatesGerman carmaker Volkswagen is planning to shut at least three factories in its home country, lay off thousands of workers and cut pay by 10%, according to the company’s union.The deeper-than-expected cuts come as the company faces weak sales and slow expansion in the electric vehicle (EV) sector amid tough competition from Chinese manufacturers. Continue reading…
Source link : https://www.theguardian.com/business/2024/oct/28/volkswagen-shut-three-factories-cut-thousands-jobs-union
Author : Deborah Cole in Berlin
Publish date : 2024-10-28 12:55:06
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Volkswagen to shut three factories and cut thousands of jobs, says union
