Volkswagen warns of historic German plant closures, end to job security
Volkswagen said on Monday it can no longer rule out plant closures in Germany as it pursues ways to save several billion euros in a cost-cutting drive at its namesake brand.
Volkswagen said that it also felt forced to end its job security programme, which has been in place since 1994 and which prevents job cuts until 2029, adding all measures would be discussed with the works council. The Volkswagen brand, which fuels most of the automaker's unit sales, is the first of the group's brands to undergo a cost-cutting drive targeting 10 billion euros in savings by 2026 as it attempts to streamline spending to survive the transition to electric cars.
Works council chief Daniella Cavallo said in an interview on Volkswagen's intranet that management had made"many wrong decisions" in recent years, including not investing in hybrids or being faster at developing affordable battery-electric cars.
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