Volkswagen pleads for labor union to consider 'sustainable financial relief'

seekingalpha11-22 02:31

Wirestock The challenges faced by the German automotive industry continues to plague Volkswagen (VWAPY, VWAGY) as the country’s largest employer is asking its labor unions to consider a cut in pay and...

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The car company and the Lower Saxony and Saxony-Anhalt branches of IG Metall are engaged in contentious negotiations with the union demanding Volkswagen (VWAPY, VWAGY) reinstate the collective bargaining agreements and raise employee pay by 7%. Volkswagen (VWAPY, VWAGY), however, said it can’t meet these demands due to the economic environment in Germany and increased competition from cheaper Chinese imports. Instead, Volkswagen (VWAPY, VWAGY) is proposing a 10% pay cut which would allow the company to remain competitive and ultimately safeguard German jobs. “The deterioration in Volkswagen’s figures for the last quarter underline, particularly for the Volkswagen brand with a margin of only 2.1%, makes this particularly clear. If we remain at this level, we will be unable to finance our future. In light of this situation, we cannot meet IG Metall’s demand to reinstate the terminated collective agreements,” Meiswinkle said.  Meiswinkle was referencing the dismal Q3 results from Volkswagen (VWAPY, VWAGY), which showed a 64% deterioration in profits from a year ago and 7% drop in global deliveries. The results prompted management to warn that significant cuts would be needed in addition to the 3 plant closures already planned. The crisis in the European auto industry is not just isolated to Volkswagen (VWAPY, VWAGY). On Wednesday, Ford (F) announced plans to cut another 4K jobs in Europe, Mercedes-Benz (OTCPK:MBGAF) is cutting costs by several billion euros per year, and BMW’s (BMWKY) net profit plummeted by 61% in the latest quarter as revenue fell 16% on soft sales in China and a massive brake recall. For Volkswagen (VWAPY, VWAGY), its struggle to remain profitable will likely face continued resistance from its union. Thorsten Groeger, the lead negotiator for IG Metall warned that if management goes through with plant closures, Volkswagen would enter a conflict with its workers “the likes of which this republic has not seen for decades.”  Volkswagen (VWAPY, VWAGY) shares are at their lowest level in more than 4 years, down 32% year-over-year.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485469024"}