German automakers facing wave of factory closures

Losing ground in the race to produce electric vehicles, German and French carmakers are heading toward a disruptive wave of factory closures, Bloomberg writes.

Volkswagen AG is considering factory closures in Germany for the first time in its 87-year history․

The reasons are clear: Europe’s efforts to compete with Chinese rivals and Tesla Inc. in electric cars are faltering.

“VW is recognizing just how serious the situation is,” said Harald Hendrikse, an autos analyst with Citigroup. “We’re living in a difficult geopolitical world, and Europe has not won that battle.”