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china news service, september 3, according to comprehensive foreign media reports, on the 2nd local time, german automobile giant volkswagen group said that it is currently taking further cost-cutting measures and is considering closing its factories in germany for the first time in its 87-year history.

according to deutsche welle, volkswagen's board of directors said that the current strategy of offering contract reductions and severance pay to employees nearing retirement is no longer sufficient to achieve the company's goals, and announced the end of a job protection program that has been in place since 1994.

according to cnn, oliver blum, ceo of volkswagen group, said: "the european auto industry is facing a severe situation and the economic environment is deteriorating." blum also pointed out that "especially germany, as a manufacturing base, is falling further behind in competitiveness."

"our primary area of ​​action is cost reduction," bloom told analysts on an august earnings call, noting plans to cut costs in factories, supply chains and labor. "we have taken all the organizational steps that were necessary. now it's just a matter of reducing costs, reducing costs, reducing costs," he added.

ig metall, one of germany's most powerful unions, blamed volkswagen's problems on mismanagement and vowed to fight to save jobs.

"today, the board presented an irresponsible plan that shakes volkswagen to its foundations and seriously threatens jobs and plants," ig metall's chief negotiator thorsten grogel said in a statement.

"this approach is not only short-sighted, but also extremely dangerous - it has the potential to destroy volkswagen to its core, and we will not tolerate plans that come at the expense of our employees," grogel said.