2024-09-02 13:29:08
Business
Automotive

Volkswagen Considers Plant Closures and Layoffs Amid Cost-Cutting Measures

Volkswagen is contemplating plant closures and layoffs as part of its cost-cutting strategy, including ending the employment guarantee that prevented operational layoffs until 2029. The company attributes the necessity for cost reductions to competitive pressures, weak new business, and the need to enhance results by 10 billion euros.

The core brand, VW, faces high costs and low profitability, prompting the consideration of drastic measures. The workforce opposition, led by the employee council with a majority in the supervisory board, signals potential challenges ahead.

Subsidiaries like Wolfsburg AG and Autovision face repercussions, with Wolfsburg AG securing liquidity until 2024 amidst a challenging market environment.

n-tv.de
2. September 2024 um 13:02

Breaking News: VW Cost-Cutting: Plant Closures and Layoffs Possible - n-tv.de

Economy
Breaking News VW Cost-Cutting: Plant Closures and Layoffs Possible Volkswagen is no longer ruling out plant closures and operational layoffs within the core VW brand as part of its savings program. As the company announces, it is also terminating the employment guarantee that excluded operational layoffs until 2029.
n-tv.de
2. September 2024 um 13:02

Volkswagen Cost-Cutting Measures: Plant Closures and Layoffs Possible Again - n-tv.de

Economy
Finance
VW announces job security; examines plant closures and operational redundancies; cost reductions necessary due to competitive pressure and weak new business.
DER SPIEGEL
2. September 2024 um 13:04

Volkswagen Considers Closing Plants in Germany for the First Time - DER SPIEGEL

Economy
Finance
Volkswagen is considering closing plants in Germany to meet its savings targets. The works council has announced "fierce resistance".
Frankfurter Rundschau
2. September 2024 um 09:07

Crisis at VW: Two subsidiaries and a Bundesliga stadium feel the consequences

Economy
VW subsidiaries Wolfsburg AG and Autovision are suffering from the VW crisis. Wolfsburg AG sold the stadium, Autovision is threatened with a sale. VW plans job cuts, partial retirement, and fewer temporary workers. Goal: 6.5% operating margin through 10 billion euros in savings. Wolfsburg AG laments a deteriorating market environment and declining demand. Wolfsburg AG secured liquidity until 2024.
CW

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