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Volkswagen plans to close three German plants and cut thousands of jobs

ft.com — October 28, 2024, 04:01 PM UTC

Summary: Volkswagen plans to close at least three plants in Germany and cut thousands of jobs, marking the first domestic plant closures in its 87-year history. The company also intends to reduce employee pay by 10%.

The decision comes as VW faces intense competition, particularly in China, and has issued its second profit warning in three months. The company’s management has stated that significant changes are necessary due to rising costs and declining profits.

The works council, representing VW employees, has warned of potential strikes if the plans proceed. Politicians and unions have criticized management decisions that led to the current situation, emphasizing the need to protect jobs.

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Article metrics
Significance5.0
Scale & Impact5.3
Positivity3.4
Credibility9.5
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Timeline:

  1. [4.6]
    Volkswagen announces closure of three German plants and job cuts (nzherald.co.nz)
    1d 4h
    Source
  2. [4.2]
    Volkswagen plans to close three factories in Germany, leading to job losses and wage cuts (benzinga.com)
    1d 4h
    Source
  3. [4.3]
    Volkswagen plans to close three German factories and lay off thousands of workers (cnn.com)
    1d 5h
    Source
  4. [3.9]
    Volkswagen plans to close three German factories as workers rally against job cuts (news.yahoo.com)
    1d 7h
    Source
  5. [4.1]
    Volkswagen plans to close at least three plants in Germany, employee council says (regina.ctvnews.ca)
    1d 8h
    Source
  6. [5.0]
    Volkswagen plans factory closures and job cuts in Germany to address weak sales (theguardian.com)
    1d 9h

    ScoresSource
  7. [4.9]
    Volkswagen plans to close three plants in Germany as auto industry faces challenges (politico.eu)
    1d 9h
    Source
  8. [4.2]
    Volkswagen plans layoffs and plant closures in Germany as part of business overhaul (businesstoday.in)
    1d 9h
    Source
  9. [4.2]
    Volkswagen plans factory closures and layoffs in cost-cutting overhaul (jalopnik.com)
    1d 9h
    Source
  10. [3.4]
    Volkswagen plans to close three factories in Germany, risking thousands of jobs (express.co.uk)
    1d 9h
    Source
  11. [4.2]
    Volkswagen plans first factory shutdowns in decades and mass layoffs in Germany (qz.com)
    1d 10h
    Source
  12. [4.7]
    Volkswagen plans to close three factories in Germany, union says (dw.com)
    1d 11h
    Source
  13. [4.7]
    Volkswagen plans to close three German plants and cut thousands of jobs (euronews.com)
    1d 11h
    Source
  14. [4.0]
    Volkswagen plans to close at least three plants in Germany, employee council says (abcnews.go.com)
    1d 11h
    Source
  15. [4.0]
    Volkswagen plans to close at least three plants in Germany, employee council says (abcnews.go.com)
    1d 11h
    Source
  16. [3.9]
    Volkswagen faces job cuts and factory closures amid sales slump and competition from China (hindustantimes.com)
    1d 11h
    Source
  17. [4.5]
    Volkswagen plans to close three factories in Germany, labor council says (dw.com)
    1d 12h
    Source
  18. [4.4]
    Volkswagen plans layoffs and pay cuts as it considers plant closures in Germany (cnbc.com)
    1d 12h
    Source
  19. [4.0]
    Volkswagen plans to close three German plants and lay off tens of thousands of workers (gazette.com)
    1d 12h
    Source