financetom
Business
financetom
/
Business
/
VW workers step up strikes to fight German plant closures
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
VW workers step up strikes to fight German plant closures
Dec 5, 2024 10:06 AM

(Reuters) -Volkswagen workers will go on extended strikes on Monday, stepping up a bitter dispute with management over layoffs and what would be the first factory closures on German soil for Europe's largest carmaker, a union statement said on Thursday.

The IG Metall union said workers would down tools for four hours at nine different sites in so-called "warning" strikes across the country, twice as long as the first round of industrial action at the start of December.

The walkouts are timed to coincide with the next round of talks between Volkswagen and labour representatives over cost-cutting measures that the company says are vital to stay competitive against rising costs and foreign rivals.

Volkswagen on Thursday said the management and workers representatives remained in dialogue to collaboratively develop viable, long-term solutions that balance economic stability and secure employment prospects.

The crisis at Europe's largest carmaker has hit Germany at a time of economic uncertainty and domestic political upheaval, as well as wider turmoil among the region's automakers.

Volkswagen Group CEO Oliver Blume on Wednesday had defended his decisions as necessary in a rapidly changing environment, saying management could not operate "in a fantasy world".

"It borders on mockery when Oliver Blume stands in front of the workforce and wishes them a Merry Christmas, while at the same time the VW board would prefer to put letters of termination under the Christmas tree for the employees," IG Metall negotiator Thorsten Groeger said on Thursday.

"We will now step up our efforts on December 9th and thus increase the pressure on the company at the negotiating table," he said in a statement.

Europe's car sector is in turmoil, with thousands of jobs on the line at automakers and their suppliers, all suffering from a weakening market on the continent and a slower-than-expected take-up of electric vehicles.

On Monday morning, thousands of VW employees are expected to attend a rally in Wolfsburg, where VW is headquartered, shortly before the start of negotiations.

Workers could increase pressure if no agreement is struck during next week's negotiations, union officials have signalled, leading to longer and possibly even open-ended strikes.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BioMarin Pharmaceutical Sues Ascendis Pharma for Alleged Patent Infringement in Germany
BioMarin Pharmaceutical Sues Ascendis Pharma for Alleged Patent Infringement in Germany
Jan 13, 2025
12:34 PM EST, 01/13/2025 (MT Newswires) -- BioMarin Pharmaceutical ( BMRN ) filed a lawsuit against Ascendis Pharma ( ASND ) in the Unified Patent Court in Munich, claiming infringement of European patent EP 3 175 863 B1. The patent covers long-acting variants of C-Type Natriuretic Peptide, BioMarin said Monday in a statement. Ascendis' TransCon CNP investigational product and its...
European Equities Close Lower in Monday Trading; GSK Agrees to Acquire IDRx
European Equities Close Lower in Monday Trading; GSK Agrees to Acquire IDRx
Jan 13, 2025
12:18 PM EST, 01/13/2025 (MT Newswires) -- The European stock markets closed lower in Monday trading as The Stoxx Europe fell 0.55%, Germany's DAX lost 0.41%, the FTSE in London was down 0.29%, France's CAC declined 0.30%, and the Swiss Market Index dropped 0.76%. The household saving rate in the euro area declined to 15.3% in Q3 of 2024 from...
Italian court to decide soon over Vivendi appeal against TIM's grid sale
Italian court to decide soon over Vivendi appeal against TIM's grid sale
Jan 13, 2025
MILAN (Reuters) - An Italian court is expected to decide this week on a request by Telecom Italia's (TIM) top investor Vivendi to annul the former phone monopoly's decision to sell its landline grid to a consortium led by KKR, a source close to the matter said. Vivendi, which holds 24% of TIM, filed a complaint with a Milan court...
Vera Therapeutics Acquires Global Rights to Dual BAFF/APRIL Inhibitor
Vera Therapeutics Acquires Global Rights to Dual BAFF/APRIL Inhibitor
Jan 13, 2025
12:32 PM EST, 01/13/2025 (MT Newswires) -- Vera Therapeutics ( VERA ) said Monday it has secured an exclusive license deal with Stanford University for fusion protein targeting BAFF and APRIL, known as VT-109, with therapeutic potential across the spectrum of B cell mediated diseases. Vera said it will develop and market VT-109 in exchange for undisclosed upfront and milestone...
Copyright 2023-2026 - www.financetom.com All Rights Reserved