Volkswagen has stressed “the urgent need” to carry out significant plant closures and job cuts after Europe’s largest carmaker reported a 64 per cent drop in quarterly net profit from a slump in China sales and restructuring costs.
The group has told its powerful works council that it plans to close three plants and lay off tens of thousands of workers, marking its most radical restructuring measure in the company’s 87-year history.
“The headwinds have increased. We must intensify our efforts to remain competitive,” chief financial officer Arno Antlitz said, citing the overcapacity in Europe. “Any delay would be irresponsible,” he added, although he declined to comment on any restructuring details being discussed.
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