Volkswagen CEO backs down on factory closure plan

$VWAGY CEO Oliver Blume has reportedly backed down from factory closure plans after the board rejected the proposal.
He now says there are smarter solutions than shutting plants.
The shift comes after reports that Volkswagen was weighing up to 100,000 job cuts and four German factory closures.
VW’s works council says there has been a major loss of trust in Blume over the leaked plans.
The bigger issue is profitability: Volkswagen says its products remain popular, but the company is not making enough money from them.
For investors, this keeps attention on cost cuts, labor tensions, and the pressure facing Europe’s auto sector.