Here is a huge layoff, not because of AI.
VW is closing four plants, cutting back on models, and laying off 100,000 people
What is the primary reason? Among them is the fact that the Chinese are rushing into their markets with inexpensive EVs. VW and other legacy car companies can’t compete with these.
Close to 10% of cars sold in Europe are from China-owned companies. Chinese EV giant BYD is building factories in the region to get closer to its markets. One will be in Szeged, Hungary.