Volkswagen to Convert Plant for Israeli Defense Production
7 Articles
7 Articles
Volkswagen, the German national car brand, has decided to halt operations at its core vehicle assembly plant in its home country and convert the facility into a defense industry facility to manufacture interceptor missile components. Volkswagen is struggling with its worst deficit crisis since its founding, having been pushed back by low-cost Chinese electric vehicles. This is a desperate measure to overcome the crisis by partnering with an Isra…
The factory will produce components for the Iron Dome.
The Volkswagen factory in Germany is planned to be converted into a center for producing components for Israel's Iron Dome air defense system. The Lower Saxony government, Israeli defense company RAFAEL, and Aurelius Capital have signed a joint statement of intent for the project.
Volkswagen closed on Monday (7) a preliminary agreement providing for the conversion of one of its units in Germany to the production of defence equipment under new administration, an initiative unprecedented in the assembler's efforts to restructure factories that face difficulties in competing with lower cost Chinese rivals. The agreement offers a potential model for other Volkswagen units with an uncertain future, as Europe's largest assemble…
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