FT – Volkswagen’s plan to axe 3 German factories sets up battle with unions
The Financial Times says Volkswagen plans to shut at least three plants in Germany, axe tens of thousands of jobs, and slash pay by 10%. The paper says management at the company, Europe’s largest car maker, believe radical measures are needed amid intense competition from China, slowing sales, and the costly transition to electric vehicle production. It adds that the move marks the first closure of a German factory in the company’s 87-year history and has “set up a battle with [the country’s] powerful unions”.
