German auto parts supplier WKW has filed for bankruptcy, dealing a major blow to major German carmakers such as Volkswagen, BMW and Mercedes -Benz.
The company specialized in the production of decorative elements for cars and according to the data in 2023, its annual sales volume reached 560 million euros.
WKW, together with the subsidiary Walter Klein GmbH & Co. KG, filed for bankruptcy in the Wuppertal court. This situation will affect around 3,000 employees, mainly in the cities of Wuppertal and Felbert.
The bankruptcy of WKW is another indication that the automotive industry in Europe is going through a deep crisis. In particular, Volkswagen, one of WKW's main customers, recently announced possible job cuts of up to 30,000 jobs in Germany due to economic difficulties.