Jan 2, 2025
Volkswagen Group has reached an agreement with labor unions to avoid closing its historic factories in Germany, while planning to cut approximately 35,000 jobs by 2030. In recent years, Volkswagen has faced intense competition from new rivals in Europe, particularly from China and the United States, especially in the electric vehicle sector. The company has also lost market share in some key international markets. As part of the agreement, Volkswagen will redistribute the production of certain vehicles over the coming years in preparation for a more electric-focused lineup. The agreement also includes reducing the production capacity of German factories by 734,000 vehicles.
