Europe’s largest carmaker, expected to report dismal third-quarter results on Wednesday, has been crushed by the auto market downturn while competition intensifies from China.
On Monday, Volkswagen’s top labor leader, works council chief Daniela Cavallo, who also sits on VW’s supervisory board, was quoted by Bloomberg as saying three factories are slated for closures.
Cavallo warned that tens of thousands of jobs could be eliminated, and remaining workers could face 10% pay cuts and scaled-back hours.
“This means taking out even more products, quantities, shifts and entire assembly lines far beyond what we have already done so far,” Cavallo told factory workers earlier today, adding, “This is starvation, a weakening in installments.”
German VW plants. The orange icon are component plants, while blue icon are manufacturing ones. […]
— Read More: www.zerohedge.com
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