Auto worker wipeout: Why car companies are cutting thousands of jobs

Volkswagen has announced plans to close three production facilities.Horacio Villalobos/Getty ImagesMajor automakers around the world have announced layoffs and factory closures in recent weeks.Companies affected include Ford, GM, Stellantis, and Volkswagen Group.This is due to unprofitable EV investments, Chinese market losses, and more domestic competition.Major automakers around the world have announced multiple rounds of layoffs and factory closures in recent weeks as they struggle to turn a