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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Timeline:

  1. [4.6]
    Volkswagen announces closure of three German plants and job cuts (nzherald.co.nz)
    1d 4h
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  2. [4.2]
    Volkswagen plans to close three factories in Germany, leading to job losses and wage cuts (benzinga.com)
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  3. [4.3]
    Volkswagen plans to close three German factories and lay off thousands of workers (cnn.com)
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  4. [3.9]
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  5. [4.1]
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  6. [5.0]
    Volkswagen plans factory closures and job cuts in Germany to address weak sales (theguardian.com)
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  7. [4.9]
    Volkswagen plans to close three plants in Germany as auto industry faces challenges (politico.eu)
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  8. [4.2]
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  10. [3.4]
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  11. [4.2]
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  12. [4.7]
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  13. [4.7]
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  14. [4.0]
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  15. [4.0]
    Volkswagen plans to close at least three plants in Germany, employee council says (abcnews.go.com)
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  16. [3.9]
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  17. [4.5]
    Volkswagen plans to close three factories in Germany, labor council says (dw.com)
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  18. [4.4]
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  19. [4.0]
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