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Volkswagen has warned it may close factories in Germany for the first time in its history, citing severe profitability issues and increased competition from Asian electric vehicle manufacturers. The company will also end a long-standing job protection pledge, prompting backlash from labor unions and workers.
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Volkswagen is contemplating the closure of two factories in Germany as it struggles to transition from fossil fuels to electric vehicles. This move highlights the challenges faced by traditional European carmakers amid rising competition from Chinese manufacturers and economic pressures in Germany.
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Martin Winterkorn, former CEO of Volkswagen, began trial today in Braunschweig, Germany, facing charges of fraud and market manipulation linked to the 2015 emissions scandal. The trial marks a significant moment in corporate accountability, as Winterkorn denies all allegations while the company grapples with ongoing profitability issues.