Volkswagen Reiterates Plans to Close Plants, Cut Jobs, Welt Am Sonntag Says

Dow Jones11-25 15:15

-- Volkswagen will stick to plans to close several plants and cut jobs in Germany despite fierce resistance from its employees and labour leaders, German newspaper Welt am Sonntag first reported on Saturday.

-- "We have to reduce our capacities and adapt to new realities," Thomas Schaefer, head of the VW brand, said in an interview with Welt Am Sonntag.

-- Closures will include component locations and vehicle plants, he told Welt am Sonntag.

-- Schaefer agrees with union IG Metall's demand for salary cuts among management and said the restructuring of the brand could take three to four years, according to Welt am Sonntag.

Full story in German: https://bit.ly/3YYA5wa

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

(END) Dow Jones Newswires

November 25, 2024 02:15 ET (07:15 GMT)

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