Volkswagen Has Approved the Closure Dates for Four Key Plants in Germany

▪️The management of German auto giant Volkswagen has unanimously approved the dates for ceasing vehicle production at four key plants in Germany: in Emden and Zwickau in 2031, in Hannover in 2032, and in Neckarsulm in 2034, according to the WirtschaftsWoche

▪️Production will be moved to lower-cost locations in the Czech Republic, Slovakia, and Poland

▪️In addition, to save 50 billion euros, Volkswagen intends to completely phase out the Seat brand, discontinue production of the Porsche Taycan electric vehicle starting in 2030, and sell off its stakes in 700 subsidiaries, including Ducati and Traton

▪️Employees of the automaker, speaking about the situation at Volkswagen, compared it to “the Titanic, which has already hit an iceberg,” as WirtschaftsWoche points out

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