Monica Raymunt

Arne Meiswinkel, the automaker’s chief negotiator, said the plan includes a 10% pay cut and revised bonus system. The measures aim to strengthen the VW brand.

Volkswagen AG cast its least-profitable quarter in years as cause for the first factory closures in Germany in its 87-year history, setting the stage for contentious negotiations with labor leaders.

Im Rahmen der Tarifgespräche zwischen Management und IG Metall hat Volkswagen seinen Mitarbeitern einen Vorschlag zur Kostensenkung vorgelegt, mit dem Werksschließungen in Deutschland vermieden werden könnten.

Volkswagen's latest proposals represent a “first small signal” of progress, said Daniela Cavallo, the automaker's top labor leader. She added that shutting plants isn't fully off the table and that workers remain “alarmed.”

Volkswagen AG laid out cost-savings proposals to workers that would shore up its financial position while potentially avoiding factory closures in Germany.

Volkswagen AG 's Audi-led premium brands barely eked out an operating profit in the third quarter after waning luxury spending in China and a plant restructuring in Brussels dragged on returns.

Aufgrund eines schwachen Industriegeschäfts in Europa und Nordamerika hat Continental seine Umsatzprognose für dieses Jahr leicht gesenkt. Der Autozulieferer rechnet nun mit einem Umsatz von 42 Milliarden Euro, statt zuvor 42,5 Milliarden Euro.

The companies also named leaders for their multibillion-dollar joint venture and showcased a prototype EV. The spending may ease concerns about Rivian's cash burn and give the German carmaker access to its U.S. partner's software technology — an area where VW has stumbled.

The increasingly pricey partnership already wasn’t sitting well with Volkswagen’s works council in Germany.