London | Volkswagen could shut down as many as three factories in Germany and lay off tens of thousands of workers as it seeks to regain its edge in Europe amid slumping sales and increased competition from China, the company’s top employee representative said.
The manufacturer also plans to slash wages by 10 per cent for around 140,000 workers, is looking to freeze pay next year and in 2026, and abolish one-off payments to long-tenured employees.
