Volkswagen says cost cuts are urgently needed as its earnings decline sharply

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Volkswagen said significant cost cuts are urgently needed as it reported a steep decline in third-quarter earnings on Wednesday and faced employee representatives angry at the possibility of the automaker's first plant closures in Germany.

A Volkswagen logo of a car dealer is pictured in Neu-Anspach near Frankfurt, Germany, Wednesday, Oct. 30, 2024. Volkswagen said significant cost cuts are urgently needed as it reported a steep decline in third-quarter earnings on Wednesday and faced employee representatives angry at the possibility of the automaker's first plant closures in Germany.

The latest results "demonstrate the urgent need for action in a volatile environment characterized by intense competition," chief financial officer Arno Antlitz said. "This is why we are facing important and painful decisions that we need to make together and to bear together." The head of the employee council, Daniela Cavallo, said workers want to see a "comprehensive plan for the future," which needs to involve more than labor and plant costs.

A young Toronto Maple Leafs fan's Auston Matthews Halloween costume is going viral and, if he plays his cards right, he could meet the newly-minted captain face-to-face.Volkswagen has informed employee representatives that it wants to close at least three plants in Germany, the head of the company's works council said Monday.

Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.Sky over Lake Erie lights up with fireball as Orionid meteor shower peaks Calgary police have released photos of a man allegedly responsible for a bear spray attack at Market Mall last month.Ontario Provincial Police confirm an arrest has been made in connection with a fatal boat crash on Bobs Lake in eastern Ontario over the Victoria Day long weekend.

Police say a driver struck an electrical box in the area of Glenridge Drive and University Avenue East early Wednesday morning, causing a power outage.After the Guelph Police Service announced a plan to ramp up enforcement on drug use in downtown Guelph, business owners are sharing their thoughts on the plan.The Waterloo Region District School Board announced, and then abruptly reversed, a plan to remove garbage bins from classrooms.

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