Volkswagen Faces Major Crisis with Potential Factory Closures and Job Cuts

The German auto giant struggles with declining profits and sales amid fierce competition and high costs, prompting calls for drastic restructuring.

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.