Volkswagen plans to shut at least three German plants, axe tens of thousands of jobs and slash pay by 10 per cent, the company’s top employee representative said on Monday.
The restructuring would mark the first closure of domestic plants in the company’s 87-year history and set up a battle with powerful unions in Germany, where VW has 300,000 employees.
VW’s management has warned that radical measures are needed as Europe’s largest carmaker faces intense competition in China, slowing sales across other major markets and the need to navigate the costly transition to electric vehicles. It recently issued its second profit warning in three months.
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