π VW CEO calls company's state 'more than critical'
Volkswagen's CEO, Oliver Blume, warned that the company is facing a 'more than critical' situation due to global issues and Chinese competition. This challenge is hitting Volkswagen and the broader German auto industry. The company is currently dealing with an overproduction of 500,000 vehicles annually in Europe. Blume will meet with staff at Wolfsburg and other sites to discuss savings plans, which include 50,000 job cuts. Next, Volkswagen is exploring industrial solutions for potentially affected plants like Emden, Hannover, Zwickau, and Neckarsulm. π₯