The car giantβs move comes as Germanyβs GDP is set to shrink for the second year in a row.
BERLIN β German car manufacturer Volkswagen is for the first time in its 87-year history planning to close production sites in its home market, the company’s works council said Monday.
The car giant, along with the rest of Germanyβs once-vaunted auto industry, was slow to invest in electric vehicles and has struggled to catch up with the likes of U.S. rival Tesla and Chinaβs BYD.
Volkswagen intends to close at least three plants in Germany and downsize all remaining factories, the chairwoman of the works council, Daniela Cavallo, told employees in Wolfsburg. The closures could result in the loss of tens of thousands of jobs. Entire departments may be closed or relocated abroad.
