• Deal sees job cuts and capacity reductions
  • Unions hail deal that will keep factories open
  • Latest round of talks has been ongoing since Monday
  • VW seeks to cut costs as European market shrinks
  • Chancellor, top shareholder welcome agreement

Union leaders hailed the agreement as a “Christmas miracle” after 70 hours of gruelling negotiations, the longest in the company’s 87-year history. There would be no immediate site closures or layoffs, and VW appeared to have backed away from demanding 10% wage cuts.

https://www.reuters.com/business/autos-transportation/rapprochement-between-volkswagen-union-wage-talks-sources-say-2024-12-20/

 

It’s NOT often that you see headlines touting the loss of 35,000 jobs as a GOOD THING!