Plant closures and layoffs expose a perfect storm fueled by the shift away from Russian energy, green policies, and fierce global competition
European carmakers are facing one of the toughest crises in their history. Plant closures, layoffs, and shrinking profits have become increasingly common as Chinese electric vehicle manufacturers continue to expand their global footprint.
German luxury carmaker Porsche has become the latest victim. The company is expected to cut an additional 4,000 jobs, the Handelsblatt newspaper reported on Monday. In March, the sports car manufacturer reported a 93% drop in operating profits following a costly pivot…
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