World News for Students of English

25-09-2024 07:00

Volkswagen, Germany’s largest employer, is facing the possibility of making significant job cuts due to declining car sales. Other major German carmakers, such as Mercedes-Benz and BMW, have also lowered their expectations.

Volkswagen denied reports that it was planning to lay off up to 30,000 workers, which would be around a quarter of its workforce in Germany. However, the company acknowledges that it must find ways to reduce costs. With the rise of domestic car companies in China, German carmakers are struggling to compete. While the German government wants to help Volkswagen avoid closing sites, the company has to make its own decisions to stay competitive.

In addition to challenges in China, Volkswagen and other European carmakers are facing new difficulties in the electric vehicle market. Sales of electric cars have dropped in Europe, creating concerns about meeting strict emissions regulations set by Brussels. If companies can’t follow these rules, they risk heavy fines, which could lead to further job cuts and less investment in future technologies.

Difficult words: lay off (to let go), acknowledge (to admit), competitive (sufficiently low in price or high quality to be successful against commercial rivals).

You can watch the video news lower on this page.