Hyperdrive
VW Defends Plan to Shut German Factories With Plunging Sales
- German carmaker has lost around 500,000 in annual auto sales
- Manufacturer weighs shuttering factories, cutting jobs
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Volkswagen AG defended plans to consider unprecedented factory closures in Germany, saying flagging car sales have left the company with about two plants too many.
Demand in Europe hasn’t recovered since the pandemic, with industrywide auto deliveries in the region around 2 million short of its peak, Chief Financial Officer Arno Antlitz said at an employee assembly in Wolfsburg. Workers heckled Antlitz and Chief Executive Officer Oliver Blume when they took the stage.