In front of almost 10,000 angry employees in Wolfsburg, VW CEO Oliver Blume announced tougher austerity measures until 2026. Because sales are slow, there is a risk of layoffs and factory closures. Now dozens of Austrian suppliers are also worried about their orders.
Ten billion euros have already been saved so far, but another four billion is now likely to be needed because sales figures are weakening more than expected, especially for the main brand VW. “We now have to act consistently in this environment,” says Volkswagen CEO Oliver Blume. The CFO gave concrete figures that 500,000 fewer cars would be sold this year than would be necessary to keep the factories at capacity. That would correspond to the production of two factories.
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.
