German Economy Minister Robert Habeck said on Friday that he wants to help Volkswagen get through a period of cost-cutting without having to resort to site closures, reflecting concerns about the country's biggest carmaker.

Job cuts and possible factory closures at Germany's largest carmaker are a symptom of a wider malaise in Europe's largest economy. VW's faltering electric-vehicle strategy is adding to the company's revenue woes.

In view of the crisis in the German automobile industry, Economy Minister Robert Habeck is inviting stakeholders to a "car summit" next Monday. Habeck has invited the automotive industry to an exchange on the current situation,

Germany's government is exploring ways to support Volkswagen amid potential job cuts. The carmaker plans to reduce costs due to high expenses and competition. Economy Minister Robert Habeck emphasized VW's importance and will visit a plant in Emden.