German carmakers are embarking on their deepest ever restructuring to stem “the bleeding” from an influx of Chinese rivals that analysts warn could “permanently” shrink the backbone of Europe’s largest economy.
Volkswagen is preparing to expand its cost-cutting measures by axing as many as 100,000 jobs over the coming years and end production at four plants in Germany.
BMW recently warned investors that it plans to spend up to €1bn in restructuring costs, which analysts said could lead to cuts of up to 10,000 jobs and a 15 per cent reduction in European car production.
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