Volkswagen does not rule out plant closures, layoffs as part of cost-cutting program — DPA
The management also believes that the set cost-cutting goals cannot be achieved through the previously planned job cuts at the expense of partial retirement of employees and one-time payments
https://tass.com/economy/1837211
Volkswagen may close plants and lay off employees as part of its cost-cutting program, citing the need for restructuring and increased profits. The company's management believes that the current situation in the European auto industry, including new market entrants, requires prompt action to achieve its goal of increasing profits by 10 billion euros by 2026.