The news hit like a bombshell: the situation at Europe’s largest car manufacturer Volkswagen is getting worse, and the management of the core brand VW no longer rules out factory closures and layoffs for operational reasons. Billions are missing and the crisis could also hit successful Austrian suppliers (see below). Krone+ analyses why it could get to this point.
It sounds dramatic: “From the management’s point of view, the core VW brand must be comprehensively restructured,” the company said. “In the current situation, plant closures of vehicle manufacturers and parts locations can no longer be ruled out without rapid countermeasures.” In addition, the previously planned job cuts through partial retirement and severance payments are no longer sufficient to achieve the intended savings targets.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
