Volkswagen Announces Plans to Reduce Excess Capacity With Job Cuts and Factory Closures
Volkswagen's Strategy to Address Excess Capacity
Overview of the Announcement
July 9 (Reuters) - Volkswagen said on Thursday it will have to reduce excess capacity at the company, as the groups that control Europe's largest carmaker meet to discuss plans to slash tens of thousands more jobs and close factories.
Company's Stated Objectives
"The aim (of the plan) is to make the Volkswagen Group – including all its brands and subsidiaries – faster, more resilient and more competitive," a spokesperson for the company told Reuters.
Reporting and Editorial Credits
(Reporting by Linda Pasquini, editing by Kirsti Knolle)
