Overview

• Volkswagen's third-quarter profit dropped by 64%, prompting the company to consider closing factories in Germany for the first time.
• The company plans to cut costs significantly, including potential job cuts and wage reductions for up to 140,000 employees.
• The crisis at Volkswagen is exacerbated by declining sales in China, its largest market outside Europe, and intense competition from Chinese EV makers.
• The situation has sparked fears in Wolfsburg, where VW's presence is integral to the local economy, affecting thousands of workers and community services.
• Experts criticize the German government's involvement in VW, citing conflicts of interest and inefficiencies that hinder necessary reforms.