Volkswagen says it's not getting the cost reductions that it needs - and won't rule out plant closings in its home country Germany. CEO Oliver Blume is also saying the company is cancelling its job protection promise in effect since 1994 which bars layoffs through 2029.
FILE - The headquarters of car maker Volkswagen is shown in Wolfsburg, Germany , Thursday, Dec. 9, 2021. FRANKFURT, Germany — Germany ’s Volkswagen says auto industry headwinds mean it can’t rule out plant closings in its home country - and is dropping a longstanding job protection pledge in force since 1994 that would have barred layoffs through 2029.
Thomas Schaefer, the CEO of the Volkswagen Passenger Cars division, said efforts to reduce costs were “yielding results” but that the “headwinds have become significantly stronger.” The company has sought to cut costs through early retirements and buyouts that avoid forced layoffs, but is now saying those measures may not be enough. Volkswagen has some 120,000 workers in Germany.
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