Volkswagen is grappling with a declining consumer demand and a sluggish transition to electric vehicles, pushing for a €10 billion cut while contemplating drastic workforce reductions.
Volkswagen's CEO Oliver Blume emphasized, 'The economic environment has become even tougher and new players are pushing into Europe,' highlighting significant challenges for German manufacturing.
The company is now considering closing down facilities in Germany and potentially scrapping agreements with unions that ensured job security until 2029, indicating a shift in strategy.
Despite being a global automotive giant with €348 billion in revenue last year, Volkswagen's struggles with low margins and consumer sentiment pose serious threats to its stability.
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