Reported 28 days ago
Volkswagen announced a significant 42% drop in its third-quarter profits, leading the company to request a 10% wage cut from employees to maintain competitiveness and save jobs. This plan comes as labor representatives indicate that potential factory closures in Germany remain on the table, amidst calls for a 7% pay raise and threats of strikes. With shrinking sales and increasing pressure from global competitors, Volkswagen acknowledges the need for major cost reductions and efficiency improvements to navigate the challenges ahead.
Source: YAHOO