9 sources·Business

Volkswagen Plans Significant Cuts in Germany Amid Economic Pressures

Volkswagen intends to close at least three German plants, laying off tens of thousands of workers due to declining demand and heightened competition.

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Updated: Oct 28th, 2024, 1:02 PM ET

Summary

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Volkswagen plans to close at least three factories in Germany, potentially affecting thousands of jobs and cutting pay by 10%. These measures arise due to falling sales and competition from cheaper Chinese electric vehicles, marking a significant shift in VW's commitment to job security in Germany. The company's works council has vowed to resist these plans, as negotiations with labor unions resume. Potential strikes loom as tensions between management and employees escalate, highlighting the broader challenges faced by the automaker amid rising operational costs and market shifts.

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