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VW to hit the brakes on three German factories to cut costs
October 29, 2024
|Business Standard
Plan includes mass layoffs and a 10% wage cut
Volkswagen (VW) plans to shut at least three factories in Germany, lay off tens of thousands of staff and shrink its remaining plants in Europe's biggest economy as it plots a deeper-than-expected overhaul, the company's works council head said on Monday.
Europe's biggest carmaker has been negotiating for weeks with unions over plans to revamp its business and cut costs, including considering plant closures on home soil for the first time, in a blow to Germany's industrial prowess.
Volkswagen reiterated on Monday that restructuring was needed and said it would make concrete proposals on Wednesday.
هذه القصة من طبعة October 29, 2024 من Business Standard.
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