Volkswagen Sets 16 Billion Euros for Restructuring
Volkswagen estimates the restructuring costs for planned job cuts and plant closures at around 16 billion euros. The automaker faces intense competition and overcapacity. The sweeping overhaul includes reducing tens of thousands of positions worldwide.
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VOLKSWAGEN AG estimates the total cost of job cuts and plant closures at €16 billion ($18.6 billion), a person familiar with the matter said on Thursday evening. The restructuring pact follows mounting competitive pressure from China and overcapacity. The European carmaker faces its largest restructuring in history.
