German of the day: Stellenabbau

That means job cuts. Deep cuts, in this case.

Job Cuts at VW: Auto Giant Plans to Cut Up to 100,000 Jobs – The crisis in the auto industry continues. VW is now reportedly doubling its original layoff plans – and some plants are also expected to be closed.

According to information from Manager Magazin, the Volkswagen Group plans to cut up to 100,000 jobs. Citing insider information, the publication reported that the restructuring is to be carried out over the next few years. This would effectively double the previous job-cut target. In addition, plans are reportedly in place to close four plants in Hanover, Emden, Zwickau, and Neckarsulm (Audi) in the medium term.

German of the day: Sich ins Knie schießen

That means to shoot yourself in the foot, only in German it’s the knee.

With the highest energy prices in Europe (in the world?), what choice does German industry have but move? Go Greens.

German auto industry in ‘crisis’ as investments, jobs move abroad, lobby says – Germany’s standing as an automotive industrial hub risks being hollowed out as investments and jobs drift abroad, an industry association warned on Tuesday, calling on Berlin and Brussels to focus on measures that spur growth.

“Germany is experiencing a huge crisis as a business location,” VDA President Hildegard Mueller said.

A VDA survey of small- and medium-sized German enterprises across the auto supply chain, presented by Mueller on Tuesday, showed that 72% of companies plan to dial back their investments in Germany, either by moving them abroad (28%), postponing them (25%) or cancelling them completely (19%).