Volkswagen AG’s top labor leader said Europe’s biggest automaker plans to close at least three factories in Germany as part of wide-ranging cost reductions to become more competitive.
Tom Narayan, lead global autos equity analyst of RBC Capital Markets, joins BNN Bloomberg and talks about VW's plant closure in Germany would be remarkable.
The plans also include pushing through universal pay cuts at the main VW brand of 10% and shrinking all remaining sites in the country, works council chief Daniela Cavallo, who also sits on VW’s supervisory board, said in Wolfsburg, Germany. Chief Executive Officer Oliver Blume has pointed to high costs at the VW brand, which is struggling with waning demand in Europe and intensifying competition from BYD Co. in China. Unionists are saying that workers are made to pay for boardroom mistakes including a botched EV shift and bad pricing policy.
VW’s cost-cutting push may threaten “tens of thousands” of jobs in Germany, Cavallo said. She added that luxury-car maker Porsche terminated its production relationship and future model planning with the Osnabrück factory.
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