Two weeks ago a bumper crowd of restructuring experts flocked to the swanky environs of Frankfurt’s Villa Kennedy hotel, their sights firmly set on the casualties of the crisis sweeping the German car industry.
Days later, Mercedes-Benz owner Daimler and Volkswagen’s Audi brand announced more than 20,000 job losses, in the first real signs of the huge human cost of the sector’s transition from combustion engines to electric vehicles.
“The auto industry is in the midst of a far-reaching upheaval,” said Volkswagen chief executive Herbert Diess, whose company is seeking to reinvent itself as a world leader in battery-powered cars.
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