Volkswagen Faces Existential Threat Amid Declining Sales
Volkswagen Group's CEO Oliver Blume has warned of job cuts and factory closures as sales, particularly in China, have collapsed by over one-third compared to the same period last year. The decline is attributed to competition from Chinese electric vehicle manufacturers that are outpacing German automakers like BMW and Mercedes.
Topics: China market decline Electric Vehicles (EV) Global automotive industry Volkswagen