Volkswagen intends to close three factories in Germany.

Their demise will see the execution of tens of thousands of highly-skilled jobs. At present, there are roughly 120,000 Volkswagen employees in Germany.

The Chief personnel officer called the situation ‘serious’ and that the responsibility of the ‘negotiating partners is enormous’.

These closures form part of an emergency cost-cutting exercise with a target of 10 billion euros by 2026.