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