|
Economy
|
VW's Cost-Cutting Plan Sparks Outcry in Germany
2024-09-03 23:55:08
Automotive
Economy

VW's Cost-Cutting Plan Sparks Outcry in Germany

Volkswagen's consideration of plant closures and job cuts in Germany has caused criticism from politicians, labor unions, and the VW works council. The company aims to save €10 billion by 2026, but an additional €4 billion is needed.

VW's management cites the challenging European auto market and Germany's lack of competitiveness. The potential closures would impact 120,000 German jobs, including the Emden plant.

Experts view this as the start of a broader transformation in the German auto industry. The VW works council and labor unions have vowed to resist the plan.

The flawed ownership structure, with Lower Saxony holding a 20% stake, has hindered VW's progress. The warning has sparked concern among employees and the local communities, as the closures would have significant economic consequences.

Related news on that topic:

VW's Winterkorn on Trial for Diesel Scandal

Former VW CEO Winterkorn faces charges of fraud and market manipulation in the diesel scandal trial, where he allegedly knew of emissions cheating. The trial, with 89 scheduled court dates until 2025, may lead to a 10-year prison sentence. Additionally, a VW manager, Ulrich Eichhorn, is implicated in a battery scandal involving a Berlin start-up. The case sheds light on intricate corporate relationships and potential misconduct. Winterkorn's trial underscores the repercussions of corporate malpractice and the legal complexities surrounding high-stakes trials in the business world.

Winterkorn's Trial: The 'Dieselgate' Allegations Unfold

Former VW CEO Winterkorn faces trial over the Dieselgate scandal, accused of prior knowledge of emissions cheating and failing to disclose to investors. Denying the claims, he aims to defend himself. The scandal was exposed by US authorities and scientists, leading Winterkorn to resign citing political responsibility. The trial at the Braunschweig Regional Court is expected to last until September 2025, with Winterkorn's lawyer confident in refuting the accusations.

Read 5 more recent news on this topic

The press radar on this topic:

Deutsche Welle
3. September 2024 um 16:09

VW's warning on plant closures in Germany causes outcry

Economy
Politics
VW, Europe's largest carmaker, is considering plant closures and job cuts in Germany, sparking criticism from politicians, labor unions, and the VW works council. The company's cost-cutting plan aims to save €10 billion by 2026, but an additional €4 billion is needed, according to a Handelsblatt report. VW's management, including brand chief Thomas Schäfer and CEO Oliver Blume, cite the "highly challenging" European auto market and Germany's lack of competitiveness. The move would end VW's 1994..
Frankfurter Rundschau
3. September 2024 um 19:45

Volkswagen Considers Job Cuts and Plant Closures: IG Metall Criticizes "Irresponsible Plan"

Volkswagen is considering plant closures and job cuts in Germany. IG Metall criticizes the "irresponsible plan". The works council and the union are dismayed. Stephan Weil, the Prime Minister of Lower Saxony, who sits on the Volkswagen Supervisory Board, expects that plant closures will be avoided.
lvz
3. September 2024 um 16:00

Volkswagen Plant Closures: How the Company Slid into Crisis

Economy
Technology
Politics
Volkswagen Group in Crisis: Plant Closures and Layoffs Loom; Employment Guarantee Until 2029 to be Terminated; Sibling Brands Like Audi and Porsche Also Have Their Own Problems; Optimizations in the Past Often Only on Paper.
lvz
3. September 2024 um 17:07

Volkswagen Crisis: Which VW plant could be at risk of closure?

Economy
Technology
VW has 10 plants in Germany that produce vehicles or components. These include Wolfsburg, Hanover, Emden and Zwickau. Salzgitter and Chemnitz produce supplier parts. Emden is facing a transition: combustion engines are being scaled back, and a battery cell gigafactory is being established.
CW

Account

Waiting list for the personalized area


Welcome!

InfoBud.news

infobud.news is an AI-driven news aggregator that simplifies global news, offering customizable feeds in all languages for tailored insights into tech, finance, politics, and more. It provides precise, relevant news updates, overcoming conventional search tool limitations. Due to the diversity of news sources, it provides precise and relevant news updates, focusing entirely on the facts without influencing opinion. Read moreExpand

Spotlighting today's most mentioned stocks in the media. Uncover the stories making waves in the stock market:

A closer look at the individuals who are leading today's news narratives. Find out what makes them the center of attention.

Exploring the five locations receiving the most media attention in the last 24 hours. Discover what puts these places in the global spotlight

Your World, Tailored News: Navigate The News Jungle With AI-Powered Precision!

News

All News
Politics
Technology
Economy
Business
Climate

About

About Us
Team + Mission

Legal

Cookie Settings
Disclaimer
Legal Notice
Data Privacy

Contact

Contact