VW considers German factory closures for first time in 87-year history

Jobs with VW in Germany are meant to be protected until 2029, but the firm could now renege on that promise.

Transcript

00:00German car manufacturing giant Volkswagen this week announced it was considering plant

00:06closures due to auto industry headwinds. This is the first time in the company's 87-year

00:13history it has mulled shutting a factory in its native country. For VW employees going

00:20to work in Wolfsburg, many feel left in the dark about their careers.

00:25We have all assumed that by 2029 we will have planning security, employment security,

00:32but apparently the company has now decided otherwise and now thinks it has to take a

00:40different path.

00:42European automakers are facing increased competition from their Chinese counterparts to make cheaper

00:49and greener cars faster.

00:52The European automotive industry is in a very challenging position. The economic environment

00:58has intensified significantly.

01:00Volkswagen did not confirm how many jobs out of roughly 120,000 could be on the chopping

01:07block.