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Volkwagen’s new labor deal avoids closing plants in Germany.
ABC News reports the deal covers over 120,000 workers, but will cut over 35,000 jobs by 2030 via early retirement and buyouts. It also outlines production plans and locations for future vehicles, including an electric Golf, Q4 E-tron, ID.7, and another EV based on the SSP platform.
The deal would save VW 1.5 billion euros ($1.56 billion) a year in labor costs and 4 billion euros a year by slashing manufacturing capacity by more 700,000 vehicles across its German plants through different production arrangements.
Agreement reached: Volkswagen AG positions itself competitively for the future
[Volkswagen Newsroom]
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