German automaker Volkswagen is facing its biggest crisis in 89 years, planning massive layoffs that could affect 1 lakh employees. The company is considering closing four major plants in Hanover, Zwickau, Emden, and Neckarsulm. Key reasons include declining demand in Europe, high US tariffs, and stiff competition from Chinese EV makers like BYD. In China, the market share of foreign car brands has plummeted from 57% in 2020 to just 32%. A final decision on these closures is expected during the board meeting in July. https://samacharpradesh.com/news.php?id=stir-in-the-auto-industry-speculation-intensifies-regarding-major-layoffs-at-volkswagen-631320 #creator program