Volkswagen considers closing German factories

Volkswagen Group released a statement on the 2nd saying that the company is considering closing one of its car manufacturing plants and a parts plant in Germany for the first time. The reason for this consideration is to cut major costs, new competitors are entering the European market, and Germany is falling further behind in competitiveness. Thomas Schaefer, CEO of the Volkswagen brand, said in a statement that the brands within Volkswagen need to be fully reorganized, and the current situation may not be solved by simple cost-cutting measures, which means that even the possibility of closing car production and parts factories can no longer be ruled out.