The woes continue to pile up for Germany’s auto sector, which, as Volkswagen CEO Oliver Blume put it last month, is under “enormous pressure” from Chinese competition and a rapidly changing market. Having already triggered the largest ever restructuring at Volkswagen, threatening tens of thousands of jobs in the country’s most important industry, the crisis continues to escalate, now impacting Mercedes-Benz.
As Reuters reports, Mercedes-Benz is halting all investments in its German plants and is exploring site closures to tackle the high cost of car manufacturing in the country. This was indicated in an intranet memo sent to workers, with the document having being sighted by the news agency.
