Sep. 10 at 11:34 AM
$VWAGY Volkswagen expects job cuts, plant closures to cost
$18.6B, Reuters says
Volkswagen expects the total cost of job cuts and potential plant closures will be around
$18.6B, Reuters reports, citing a person familiar with the matter. The company recently embarked on its largest restructuring, hoping this will help its position against competition from China, tariffs, and overcapacity. According to the source, phasing out production in Emden and Zwickau would cost the company EUR 1B each, while an additional EUR 2B each will be incurred at the Neckarsulm and Hanover plants. An additional EUR 10B will be set aside for costs related to cutting 60,000 jobs worldwide.