Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

The Trade Union: Volkswagen Wants to Close Several Factories

Volkswagen is planning to close at least three factories in Germany, according to the car group's union.

» Updated: 28 October 2024, 13:31

» Published: 28 October 2024

The Trade Union: Volkswagen Wants to Close Several Factories
Photo: Michael Probst/AP/TT

Daniela Cavallo, chairman of the trade union, states in a speech outside Volkswagen's headquarters in Wolfsburg, Germany, that the car giant wants to close factories to reduce costs and thereby become more competitive.

The cutbacks planned by the company risk "tens of thousands of jobs" in Germany, according to Cavallo. The union also claims that the car manufacturer wants to push through wage cuts of 10 percent.

It was already known in September that the company is considering closing factories in Germany. Volkswagen does not want to comment on potential changes, but tells Bloomberg that the situation is "serious".

"We are not productive enough at our German facilities," says CEO Thomas Schäfer in a comment.

In September, Volkswagen lowered its forecast for the second time this year due to weak demand for passenger cars. The company will release its report for the third quarter on Wednesday, where it is expected to report decreased sales.

It's not just Volkswagen that's struggling right now. Companies like Mercedes-Benz and BMW are also struggling with declining sales, not least in China.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Inflation in October "higher than expected"
1 MIN READ

Inflation in October "higher than expected"

Calm opening expected on the stock exchange
1 MIN READ

Calm opening expected on the stock exchange

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected

Inflation Expectations Fall
1 MIN READ

Inflation Expectations Fall

Better than expected for Novo Nordisk
1 MIN READ

Better than expected for Novo Nordisk

No "Trump Effect" on the Stockholm Stock Exchange
1 MIN READ

No "Trump Effect" on the Stockholm Stock Exchange

Stock Market Euphoria as Trump Heads for Victory
2 MIN READ

Stock Market Euphoria as Trump Heads for Victory

Rush on the Tokyo Stock Exchange after the election night
1 MIN READ

Rush on the Tokyo Stock Exchange after the election night

Bitcoin hits new record
1 MIN READ

Bitcoin hits new record

Upward trend on the New York Stock Exchange
1 MIN READ

Upward trend on the New York Stock Exchange

Colombia Buys Jas Gripen
2 MIN READ

Colombia Buys Jas Gripen

Now more wind power on land is required
2 MIN READ

Now more wind power on land is required

High Pressure Causes Electricity Prices to Soar
1 MIN READ

High Pressure Causes Electricity Prices to Soar