Volkswagen is closing at least three factories in Germany, marking a historic first in its 87-year history. This groundbreaking decision is fueled by mounting external pressures, such as rising competition from electric vehicle manufacturers and a significant slump in demand in the European and Chinese markets. As part of its new strategy, Volkswagen is pivoting towards electric vehicle production and looking to relocate manufacturing to countries with lower labor costs to enhance profitability. Dive into the details of this strategic shift and what it means for the future of the automotive giant.

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