InfoAfrik.com

Reliable Africa & Global News…

Volkswagen to shut three factories, axe jobs and cut pay by 10%, says union

German carmaker warns of stagnation in the European sector amid news of deeper-than-expected action

Business live – latest updates

The German carmaker Volkswagen is planning to shut at least three factories in its home country, lay off thousands of workers and cut pay by 10%, according to the company’s union.

The deeper-than-expected cuts come as the company faces weak sales and slow expansion in the electric vehicle (EV) sector amid tough competition from Chinese manufacturers.

Continue reading…

About Author

Subscribe To Our Newsletter