Plant closures possible as part of German carmaker’s efforts to create resilience in face of competition from China
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Volkswagen plans to cut costs by 20% by 2028, with plant closures not ruled out, as part of an effort to reshape the company in the face of increasing competition from China, according to reports.
The German automotive company’s chief executive, Oliver Blume, and its finance chief, Arno Antlitz, are said to have presented a plan for “massive” savings at a meeting of the company’s top executives last month.
Declining sales, high costs, the rise in sales of Chinese cars in Europe and robotisation are forcing manufacturers and suppliers across the car industry in Germany to create resilience in the sector.
