Finance chief says drastic cost-cutting measures necessary amid weak demand in Europe
Employees of German car maker Volkswagen protest at the start of a general meeting in Wolfsburg, Germany, on Wednesday. Volkswagen said on September 2nd it could take the unprecedented step to close production sites in Germany. Photograph: Moritz FrankenbergVolkswagen has “a year, maybe two” to resize and adapt to lower sales in its home region, Europe’s largest carmaker has warned, as its plans to close factories in Germany faced fierce resistance from workers and politicians.
The company turning back on a promise not to cut jobs in Germany before 2029 comes at a time when VW expects to sell roughly 500,000 fewer cars in Europe per year, compared with pre-pandemic, “the equivalent of around two plants”, he said. The drastic plans — VW has in its 87-year history never closed a plant in Germany — has sparked anger from the company’s influential works council, which holds half of supervisory board seats.
“We need to reduce our complexity; we need to tackle our obsession with rules; we need to stop our documentation madness,” she said, adding that “all of this is a task for management”.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ECB and Central Bank officials to brief Irish finance firms on digital euroECB to decide next year on the potential issuing of a digital currency
Read more »
PTSB finance chief Nicola O’Brien to join UK online bank MonzoMonzo is one of the UK’s highest-profile online banks, competing with Starling and Revolut
Read more »
PTSB finance chief Nicola O’Brien quits for ‘new role’Official played key role in acquisition of billions of euros of loans from Ulster Bank
Read more »
Housing Finance Agency approvals increase by 200% in first six months of 2024Agency provides loans to approved housing bodies and local authorities to build social and affordable homes
Read more »
Azets to double its corporate finance teamAccountancy firm hires former Mazars corporate finance director to lead expanded team
Read more »
Shamrock Rovers fans to avail of cheap tickets for Chelsea European gameShamrock Rovers fans flying around Europe won't have to shell out huge money on tickets.
Read more »