R600 billion German company has the power to collapse important South African town

[BusinessTech]

R600 billion German company has the power to collapse important South African town

A German automotive giant, valued at about R679 billion, is considering a major restructuring, potentially the largest in global motor industry history, raising concerns in South Africa.

 

[DHimself]

R600 billion German company has the power to collapse important South African town

A German automotive giant, valued at about R679 billion, is considering a major restructuring, potentially the largest in global motor industry history, raising concerns in South Africa.

Volkswagen (VW), the German automotive giant valued at roughly R679 billion, is weighing what could become the largest restructuring in the history of the global motor industry.

VW is reportedly considering closing four factories in Germany and cutting up to 100,000 jobs worldwide.

The reported plans have raised concerns in South Africa, where Volkswagen operates its major assembly plant in Kariega, Eastern Cape.

Kariega, formerly known as Uitenhage, is home to Volkswagen’s South African manufacturing facility, the largest vehicle factory on the African continent.

Together with Gqeberha (formerly Port Elizabeth), the town forms part of the Nelson Mandela Bay Metropolitan Municipality and is vitally important to the country’s automotive industry.



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