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In June, Germany’s Manager Magazin reported that Volkswagen Group CEO Oliver Blume had a plan to close four factories in Germany and eliminate 100,000 workers, both in Germany and around the world, by 2030. It said the plan would be made public at a company board meeting on July 9. The Volkswagen factories affected were said to be those in Hanover, Zwickau, and Emden, as well as the Audi factory in Neckarsulm.
July 9 came and went, and it now appears that plan did not get the approval from the board of directors that Blume expected, which is no surprise since a majority of the 19 member board is composed of those who represent the interests of workers or the state of Lower Saxony. The vote was 12 against and only 7 in favor of Blume’s vision.
What happens now is anyone’s guess. Volkswagen is producing more cars than it can sell, a situation that cannot go on indefinitely. It has seen its annual sales fall from around 12 million vehicles to just 9 million. That is still a lot of cars and trucks, but the profit margins on them have fallen as well, putting the squeeze on investors.
