According to German businessman Emanuel Boeminghaus, who had insider information, job centers in the region Wolfsburg/Braunschweig have been warned that a wave of layoffs is coming. The region is considered to be the heart of the German car industry: Wolfsburg is the headquarters of Volkswagen AG and home to the largest contiguous car factory in the world; whereas Braunschweig, with Volkswagen Group Components, is an important location for the production of chassis components, such as steering systems, axles, and batteries. Volkswagen has reported €1.3 billion losses in Q3.
“If job centers are pre-warned, this is an unmistakable sign that the situation is a serious one. The dimensions of the coming layoff wave suggests that the recession will shortly fully hit the labor market,” Boeminghaus wrote on X.
