Volkswagen is considering the unprecedented step of closing its factories in Germany for the first time in its 87-year history as part of a broader effort to cut costs amidst increasing competition from Chinese electric vehicle manufacturers, CNN and Financial Times report. On Monday, the German automaker, one of the largest car companies globally, announced that plant closures in its home country could not be ruled out. The company is also contemplating terminating its employment protection agreement with labor unions, which has been in place since 1994.
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