Volkswagen (VW) said Wednesday that it needs to cut costs amid slackening consumer demand for electric vehicles (EVs) and weaker car sales in China.
VW’s profits fell 64% in the third quarter of 2024, driving the company’s share price to its lowest level since October 2010. Now, the world’s largest automaker by sales is looking to lower its expenses, with VW’s top labor leader announcing earlier this week that the company was aiming to shut at least three of its German factories, slash wages 10% and lay off thousands of employees. (RELATED: Ford CEO Admits Driving Chinese EV After Receiving Billions From Taxpayers To Make Rival Cars Domestically)
“We’ve not forgotten how to build great cars, but the costs, specifically in our German operations and factories, are far from being competitive,” Chief Financial Officer Arno Antlitz told The Wall Street Journal Wednesday….
