11:17 - 17.09.2024

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September 17, Fineko/abc.az. Volkswagen carmaker may cut more than 15,000 employees because of closure of its factories, ABC.AZ reports, citing data from Jefferies financial company’s analysts.

This could cost about $4.4 billion for Volkswagen. The approval of the carmaker's supervisory board is not required to make a decision on the closure of factories. Unions, on the other hand, "may protest in connection with issues related to wages, but not because of factory closures and layoffs".

Lately, Volkswagen has been facing high costs and fierce competition with American company Tesla and some Chinese car manufacturers, including BYD, the analysts add.