TECH - Volkswagen's Largest Plant In Europe Faces Job Cuts Amid Dwindling EV Sales | Benzinga
Volkswagen’s most significant electric vehicle (EV) production facility in Europe is bracing for potential job cuts due to decreased demand. A staff meeting is scheduled for Thursday to convey this news to the employees, according to a report by Electrek.
The Volkswagen (OTC:VWAGY) plant, located in Zwickau, Germany, is the production hub for MEB-based EVs, including the ID.3, ID.4, and ID.5 models, among others. In 2018, the company invested $1.29 billion to transform the plant for EV production.
Despite successfully transitioning from combustion engines to EV production in 26 months, the automaker now faces increased competition and lessened demand due to inflation and reduced subsidies. The German newspaper Automobilwoche anticipates Volkswagen responding with job cuts.
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