Volkswagen Restructuring Agreement

BERLIN (Reuters) – Volkswagen and labour unions are nearing an agreement to restructure the brand without closing factories in Germany, as reported by Bloomberg on Thursday, citing sources familiar with the matter.

Management is willing to keep plants running and restore job security agreements until 2030, provided workers agree to forgo bonus payments.

Additional cost-cutting measures include:
– Moving production of the Golf hatchback from Germany's Wolfsburg factory to Mexico.
– Ending production of VW-branded electric vehicles in Zwickau to trim capacity.