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A Christmas Miracle at VW - Management and Unions find a Third way to keep VW in business hopefully for years to come... !

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in General Automotive Chat

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Reuters report........

VW, who some say has failed to grasp the transition to EVs (though ID7 getting many plaudits) may now have a good plan between Management and Workers Council/Unions, hurray.  

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VW reaches union deal to cut 35,000 German jobs after gruelling talks

 

  • 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
HANOVER, Dec 20 (Reuters) - Volkswagen (VOWG_p.DE), opens new tab on Friday announced sweeping changes to its German operations, including more than 35,000 future job cuts and sharp capacity reductions in a last-gasp deal between Europe's top carmaker and unions to avert mass strikes.
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.  The deal avoiding costly strikes may also provide relief to investors after months of negotiations. Shares rose 2.4% in extended trade after the deal. They have lost 23% this year .  Volkswagen has been in talks with union representatives since September over measures it called necessary for it to compete with cheaper Chinese rivals and handle lacklustre demand in Europe and slower-than-expected adoption of electric vehicles.
Around 100,000 workers have already staged two separate strikes in the past month, the largest in Volkswagen's history, protesting against cost-cutting plans.
 
"With the package of measures that has been agreed, the company has set a decisive course for its future in terms of costs, capacities and structures," Volkswagen Group CEO Oliver Blume said in a statement.     "We are now back in a position to successfully shape our own destiny."
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