Volkswagen Considers Historic Factory Closures Amid Economic Pressures

CEO Oliver Blume cites serious economic challenges and increased competition as reasons for potential plant shutdowns in Germany.

Volkswagen may close German factories for the first time in its 87-year history to meet cost-cutting goals.
CEO Oliver Blume defends the decision, highlighting the need to save €10 billion by 2026.
The company faces stiff competition from Chinese automakers and a shrinking European car market.
Worker representatives and German politicians express concern over potential job losses and economic impact.
Volkswagen's financial struggles are exacerbated by high energy costs and declining sales of electric vehicles.