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The de-industrialisation of Germany - Part 14 (Nov. ’24) Volkswagen plans to close three German factories in an effort aimed at cost cutting over $4.3 billion. IG Metall Union plans worker strikes for December. VW workers at Osnabrueck plant held fresh warning strike. VW’s EV subsidiary is unable to compete in foreign car markets such as China. Chinese domestic producers of EV (ex. BYD) is able to produce at lower costs than VW. A 10.2% drop in VW sales in China in just the first nine months of 2024, has effectively wiped out VW gains made in all other markets. VW subsidiary Audi is planning to reduce its workforce by 15%. Germany’s Siemens head of tax service C. Kezer tells finance committee of the Bundestag that investing in Germany is pointless and the co. will invest abroad. German industrial orders for August fell by 5.8% on the previous month on a seasonally and calendar adjusted basis. German companies declaring bankruptcy/insolvency recently: Metal precision parts manuf... Source: The Paradigm Shift Channel ?
