Volkswagen plans to cut its European production capacity by another 500,000 vehicles a year, opening the door to sharing its plants with Chinese rivals as the carmaker battles growing competition.
The German group said on Thursday that it was aiming to reduce its global annual production capacity to 9mn, an escalation of previously announced cuts as the company responds to pressure in China and increased US tariffs.
The announcement came as Volkswagen reported that it took a €500mn hit in the first quarter after shelving production of electric vehicles at its Tennessee plant. The charge dragged operating profits for the period to €2.5bn, down from €2.9bn in the same period last year.
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