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

  • 📰 AP
  • ⏱ Reading Time:
  • 39 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 50%
  • Publisher: 51%

Volkswagen AG News

Germany,Cars,General News

Volkswagen says significant cost cuts are urgently needed as it reports a steep decline in third-quarter earnings and faces employee representatives angry at the possibility of the automaker’s first plant closures in Germany. The company on Wednesday reported a 64% decline in net earnings for the July-September period compared with a year earlier.

Harris urges voters to reject Trump’s efforts to sow division and fearHarris urges voters to reject Trump’s efforts to sow division and fearYankees beat Dodgers to force World Series Game 5Democrats are leaning on celebrity star power.

The figures came two days after the head of Volkswagen’s works council said management had informed employee representatives that it wants to close at least three plants in Germany. The company hasn’t publicly detailed its plans.It cited factors including new competitors entering European markets and Germany’s deteriorating position as a manufacturing location. European automakers are facing increased competition from inexpensive Chinese electric cars.

Citing the confidentiality of talks with employee representatives, he said he wouldn’t comment specifically on plans or “speculations.” 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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 728. in BUSİNESS

Business Business Latest News, Business Business Headlines