Majority Shareholder Urges Plant Closures

The Porsche-Piech family, the majority shareholder of Volkswagen Group, is reportedly advocating for the closure of several plants in Germany to reduce costs, according to the Financial Times. This move is considered "necessary" by the family to increase Volkswagen's competitiveness and accelerate restructuring efforts, which they believe have not been satisfactory so far.

Board Members Disagree and Wish to Protect Employees

However, many board members, including the state of Lower Saxony, disagree with this stance and wish to protect employees. The carmaker's plant workers, many of whom are currently on strike, have warned that job cuts will not strengthen diminishing sales in Europe and China.