Reuters wire service is reporting that German-based auto manufacturer Volkswagen is weighing whether to close factories in Germany for the first time in its modern history. The most likely candidates for closure are reported to be sites in Osnabrueck and Dresden.
VW reportedly said it may be forced to end its job security program, which was agreed upon 30 years ago and was set to last until 2029. Management says it will discuss all such measures with its works council.
The auto maker has lost almost a third of its value over the past five years, more than any of its competitors.