VW weighs its first-ever plant closing in Europe to cut costs

Volkswagen AG will potentially shutter an Audi electric-vehicle factory in Belgium to save costs, in what would be a watershed moment for Europe?s biggest carmaker. The manufacturer has never closed a car plant in the region, but the high-expense Brussels site could become the first due to poor demand for an electric SUV made there. Volkswagen cited additional expenses including from the restructuring for lowering its outlook for the year.

Additional costs burdening this year?s results are expected to total ?2.6 billion . Audi?s management has been in discussions with the Belgian government about the future of its Brussels factory, which only makes the luxury Q8 E-Tron model and derivatives. Closing it down is only one of several restructuring options, Volkswagen said. The move is ?part of the cost efficiency and re-sizing program taking place at VW,? Jefferies analyst Philippe Houchois said in a note.

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