VW Plans Closing Three German Factories to Cut Costs

Volkswagen's top labor leader said the automaker plans to close at least three factories in Germany to reduce costs and become more competitive. Oliver Crook reports on Bloomberg Television.
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[windsongwong]

Energy cost is uncompetitive in Europe.
Producing cars in Europe is tough.

[streetThugg]

Without cheap Russian gas, they have no competitive advantage.

[Ese_osa]

Germany companies closing in Germany and moving to the USA because of affordable energy 😂😂, the USA made Germany and all of EU believe that big guy in the east is their problem whereas that big guy have been supplying affordable energy to fuel EU and Germany industries to compete with the USA. Boy I so much love USA strategic thinking, they blew up Nord stream and convinced EU it is making them dependent on that big guy in the east but it would be better if the EU de industrialized and moved all their companies to the USA or better still replace theirs with USA companies so the EU remains subservient to the USA 😂😂. The USA is that friend our parents warned us all about

[MW]

How long will these legacy OEM realize this is just a repeat of Nokia and BlackBerry story?

[vlhc]

VW management already told labour unions at a meeting that real reason for closing the plant is the plants were never profitable and only existed because they were subsidized by VW's China profits. Capitalism has always been very good at weeding out redundancy and overproduction.

[MrKingsleyisaiah]

No cheap Russia gas, No EU production

[fahmad]

By closing these factories, Volkswagen will certainly cut considerable emissions, for sure

[ashokathegreat]

The essence of VW was the Golf GTI. I think it was the fifth generation Golf GTI in 2005 that I consider the best VW ever made. It ticked all the boxes a gti should have, plus it had beautiful rims and looks too. Most importantly it was affordable. 20 years later and Golf GTI prices have risen in many countries by 50%. That’s when the downfall happened.

[kenrie]

No more cheap Russian gas. You can't compete with an expensive US gas.

[MossMini]

Where Unions thrive, people loose jobs and auto manufacturering ends.

“Porsche: sales down over 9 months, confirms guidance”

[oceanwave]

Deindustrialization is speeding up in Germany. Even in their best time (2000-2019, high revenues, no competitor, low energy price...), their car companies could not innovate in EV and EV's ecosystem (e.g. battery, casting, autonomous), it is unlikely they can just do this in current perfect storm.

[Fienly]

Iconic era is over....welcome to the new world.

[robertwang]

Inevitable and historic, you already lost the China mkt. and various other mkts due to Chinese EVs which are rolling out new models every week ! They should have seen this coming 6-8 yrs ago but they just neglected it. BMW is also in trouble, its biggest dealership just shut its doors in BJ and sales is down 30%. Expect more bad news over the next 18-24 months.

[seahaws]

in 3 three years most of german manufacturing will be closed down, high cost LNG is not financial viable for german manufacturing in the competitve world

[dumitrescu]

Make a 25, 000 USD or under electric VW Beetle. Mass produce it. Offer 0% financing. Save the company.

[Iki_Viki]

Spending tens of billions to produce EVs that nobody wants without heavy subsidies, while prices for ICE cars have risen by 50% in the last five years. Yeah, I wonder where the problem is.

[juliothecash]

I'm brazilian and i don't understand one thing: Why they call who blew up Nord Stream friend and who sell cheap gas enemy?

[dtsh]

Time for a Hiller upsets about VW closure video 😂

[trustgtr]

They pay their top management way too much..made their cars way too unreliable

[lindastevens]

Sad day
So many decades of memories and brand trust