The large German automaker said it could not completely rule out the possibility of closing factories to cut costs. Left-leaning politicians have emphasized that Volkswagen paid out billions of euros in dividends to shareholders last year. Volkswagen, a German automaker, issued a warning on Monday, stating that it can no longer rule out closing plants within the nation and citing the possibility of significant cost-cutting measures as a means of “future-proofing” the business.
Volkswagen said it had to end its employment protection agreement, which has guaranteed jobs since 1994, in order to get “urgently needed structural adjustments.”
Thomas Schäfer, the CEO of the VW brand, stated in a statement that “simple cost-cutting measures cannot resolve the extremely tense situation.”
