Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, September 4, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Volkswagen faces tense townhall as workers battle possible plant closures

September 4, 2024
in News
Reading Time: 4 mins read
A A
Volkswagen faces tense townhall as workers battle possible plant closures
0
SHARES
ShareShareShareShareShare

READ ALSO

Deleted posts from Eric and Lara Trump

India’s Modi expected to usher in new era of bilateral agreements in Singapore visit

Employees of German car maker Volkswagen (VW) protest at the start of a company’s general meeting in Wolfsburg, northern Germany, on September 4, 2024.

Moritz Frankenberg | Afp | Getty Images

Management at German automotive giant Volkswagen is set to go toe-to-toe with workers on Wednesday, as senior business leaders prepare to present details about possible cuts that could include historic domestic factory closures.

Pictures carried by Getty Images showed employees protesting at the townhall about the potential plans for the business, waving union flags and banners with slogans saying that management mistakes were not their fault and urging leaders to “finally do your job,” according to a CNBC translation.

“We have been spending more money at the brand than we earn for some time now. That doesn’t go well in the long term,” Arno Antlitz, chief financial officer and chief operating officer of Volkswagen Group, told employees, according to comments shared by Volkswagen.

Employees of German car maker Volkswagen (VW) hold a banner reading ‘A table tennis table without ball is like a pressing plant without presses’ as they stage a protest at the start of a company’s general meeting in Wolfsburg, northern Germany, on September 4, 2024.

Moritz Frankenberg | Afp | Getty Images

Volkswagen on Monday warned that it was no longer able to rule out closing plants in its home country of Germany — a measure that was previously considered off the table and has not ever been taken in the company’s record.

The auto company also said it felt that its its employment protection agreement, which has been in place since 1994 and protects the workforce in Germany until 2029, may need to end.

Speculation about Volkswagen site closures in Osnabrueck in Lower Saxony and Dresden in Saxony mounted on Tuesday.

“It is our joint responsibility to improve the cost efficiency of the German sites in particular. We need to increase productivity and reduce costs,” Antlitz said.

“We still have a year, maybe two years, to turn things around. But we have to make use of this time.”

Volkswagen’s work council, which is comprised of staff members elected to represent employee interests within the company, and major German industrial union IG Metall have been highly critical of the plan and announced they would work against it.

Employees of German car maker Volkswagen (VW) wait for the start of a company’s general meeting in Wolfsburg, northern Germany, on September 4, 2024.

Moritz Frankenberg | Afp | Getty Images

Daniela Cavallo, a leading representative of Volkswagen’s General Works Council, earlier in the week said that the group would display “fierce resistance” against the plans, according to a CNBC translation. There was an understanding in place over decades that profitability and job security were equal goals, but the company had now decided to end this deal, she said.

The most important thing now was getting a picture of the future and knowing where the business is headed, Cavallo added.

German media also quoted her as saying that she was expecting the townhall of Wednesday to be fully attended, and for workers to make their frustrations clear loudly on the day.

Volkswagen faces tense townhall as workers battle possible plant closures

Philippe Houchois, head of global autos at Jefferies, told CNBC’s “Squawk Box Europe” on Monday that Volkswagen CEO Oliver Blume would try to ease the resistance against the potential plans.

“Blume is a different breed from his predecessor. He’s probably more of an insider and will see to what extent he is able to, to change some of the resistance to, to adapt at Volkswagen,” he said.

Houchois also said that Volkswagen management and employee representatives might not be that far apart when it comes to the basics, based on their comments from recent days.

“It’s the question of how they, they get to an agreement or the process to actually work together, but the endgame seems to be understood on both sides,” he said.

The potential issues at Volkswagen come at a difficult time for both the broader German economy and for the country’s auto industry specifically, as an array of challenges weigh on the sector.

On Wednesday, the Ifo institute said that business climate in the German automotive industry pulled back again in August, falling to negative 24.7 points from the previous month’s print of negative 18.5 points. Business expectations for the coming six months were “extremely pessimistic,” Ifo said.

Credit: Source link

ShareTweetSendSharePin
Previous Post

David Peterson dominates again with 11 strikeout gem in Mets’ win

Related Posts

Deleted posts from Eric and Lara Trump
News

Deleted posts from Eric and Lara Trump

September 4, 2024
India’s Modi expected to usher in new era of bilateral agreements in Singapore visit
News

India’s Modi expected to usher in new era of bilateral agreements in Singapore visit

September 4, 2024
Trump Media stock slides below  amid broader market sell-off
News

Trump Media stock slides below $18 amid broader market sell-off

September 4, 2024
New York Gov. Hochul aide Linda Sun charged as China agent
News

New York Gov. Hochul aide Linda Sun charged as China agent

September 3, 2024
‘Golden era’ for Hong Kong retail is over as Chinese tourists continue to tighten their purse strings
News

‘Golden era’ for Hong Kong retail is over as Chinese tourists continue to tighten their purse strings

September 3, 2024
Volkswagen braces for a showdown as it considers German plant closures
News

Volkswagen braces for a showdown as it considers German plant closures

September 3, 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Pete Alonso slugs two home runs as Mets pummel Rockies to win series

Pete Alonso slugs two home runs as Mets pummel Rockies to win series

August 9, 2024
Daniil Medvedev scores impressive straight-sets win to reach US Open fourth round

Daniil Medvedev scores impressive straight-sets win to reach US Open fourth round

September 1, 2024
Top economist Mohamed El-Erian says traders are too aggressive on Fed rate cut expectations

Top economist Mohamed El-Erian says traders are too aggressive on Fed rate cut expectations

August 23, 2024
Hong Kong-developed mobile stethoscope app detects heart disease

Hong Kong-developed mobile stethoscope app detects heart disease

August 6, 2024
Taxpayers and tech companies will help fund journalism and AI research in landmark California deal

Taxpayers and tech companies will help fund journalism and AI research in landmark California deal

August 22, 2024
Naomi Osaka out of US Open with loss to Karolina Muchova

Naomi Osaka out of US Open with loss to Karolina Muchova

August 30, 2024
India’s Nifty 50 is outperforming the S&P 500 so far this year

India’s Nifty 50 is outperforming the S&P 500 so far this year

August 8, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Volkswagen faces tense townhall as workers battle possible plant closures
  • David Peterson dominates again with 11 strikeout gem in Mets’ win
  • California teen suspect accused of shooting 49ers rookie Ricky Pearsall charged with attempted murder
  • Deleted posts from Eric and Lara Trump

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In