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- Volkswagen (OTCPK:VLKAF) on Monday said it can’t rule out plant closures in Germany as the carmaker looks for ways to cut costs.
- The company determined one large vehicle plant and one component factory in Germany to be obsolete, according to its works council, which vowed to resist the executive board’s plans.
- Volkswagen (OTCPK:VLKAF) also faces pressure to end its job-security program, which started in 1994 and prevents layoffs until 2029.
- “The situation is extremely tense and cannot be overcome by simple cost-cutting measures,” Thomas Schaefer, brand chief for Volkswagen (OTCPK:VLKAF), said in a written statement cited by Reuters.
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