Audi in Talks With Works Council

Dow Jones11-07

By Helena Smolak

Audi entered new talks with its works council in light of Germany's deteriorating automotive market, the German luxury car maker said Thursday.

In October, Audi said employment guarantees would remain in place until 2029 but didn't exclude new negotiations should market conditions worsen. According to the car maker, the worsening environment now requires new talks.

The comments come in response to a report in Germany's Manager Magazin saying that Audi is aiming to cut thousands of jobs across its non-production business in the medium-term as part of a wider overhaul. This would affect around 4,500 employees in Germany, 15% of its total staff, the business magazine reported.

As of the end of June, Audi had 30,000 employees in Germany not directly involved in its production business, the magazine said.

Audi, which is part of Volkswagen, said talks with the works council are confidential and didn't comment on specific proposals.

On top of a weak economic environment, it said Germany is falling behind in competitiveness in areas such as energy costs and tax rates.

"In addition, competition is intensifying, especially from China, and economic development in Europe is weak," the car maker said.

The Manager Magazin report comes after Volkswagen said it had proposed cutting workers' pay by 10% in Germany as part of measures aimed at boosting competitiveness.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

November 07, 2024 08:42 ET (13:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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