Volkswagen and Unions Enter Fourth Day of Talks

Dow Jones12-19

By Dominic Chopping

Talks between Volkswagen and labor leaders will continue Thursday, entering the fourth day of intensive negotiations over how to proceed with cost cuts at the German auto giant.

Negotiators have been locked in talks since Monday as they try to hash out a deal before Christmas and avert extensive strikes that unions have warned will begin in the new year if no agreement can be found.

After weeks of inconclusive discussions, Volkswagen headed into a fifth round of talks this week insisting that pay cuts, capacity reductions and scrapping of bonus payments were needed to make its domestic operations more competitive, while worker representatives have said they won't accept factory closures, mass layoffs or lower pay.

In a statement Thursday morning, the metal-workers union said that all options are still being discussed at the negotiating table, and that although progress has been made in some areas, they remain at odds on other aspects.

"Accordingly, a longer interruption or a break-off of the fifth round of negotiations are still among the possible scenarios."

Talks in Hanover, Germany are set to continue later this morning, a Volkswagen spokesperson said.

Talks have lasted for a total of 50 hours so far this week.

A spokesman for Volkswagen's works council said in a statement that everything remains subject to the continuing negotiations, and that there hasn't been any conclusion to the talks. "Accordingly, all reports about solutions that have supposedly already been reached remain speculation."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

December 19, 2024 05:39 ET (10:39 GMT)

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

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