Volkswagen Faces 500,000 Vehicle Overcapacity in Europe, Eyes Cost Cuts Amid Slow Recovery

Published: Sep 4, 2024 19:39

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[Volkswagen: The company has excess production capacity of 500,000 vehicles in Europe, equivalent to two factories] Arno Antlitz, the CFO of Volkswagen, said that demand in Europe has not recovered since the pandemic, and the number of vehicle deliveries across the industry in the region is about 2 million less than the peak. Antlitz said that Volkswagen has lost sales of about "500,000 vehicles, equivalent to the sales of about two factories," and the company needs to increase productivity and reduce costs. Earlier, Volkswagen said it was considering closing factories in Germany to further cut expenses.

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