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

*

VW workers to strike on Monday over cost-cutting

*

Strikes will be twice as long as previous round

*

Coincide with new round of talks with management

*

Europe's car sector in turmoil

Dec 5 (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.

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 on Dec. 9, 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 >
US charges ex-investment banker, 7 others in global insider trading scheme
US charges ex-investment banker, 7 others in global insider trading scheme
Nov 18, 2025
BOSTON, Nov 18 (Reuters) - U.S. prosecutors on Tuesday unveiled charges against eight men accused of belonging to a global network that made tens of millions of dollars trading on inside information about the finances and merger plans of numerous companies for years. Federal prosecutors in Boston said the insider trading scheme ran from 2016 to 2024 and was led...
Suja Life Announces Confidential Submission of Draft Registration Statement
Suja Life Announces Confidential Submission of Draft Registration Statement
Nov 18, 2025
OCEANSIDE, Calif., Nov. 18, 2025 (GLOBE NEWSWIRE) -- Suja Life, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have...
Rocket Lab Launches HASTE Suborbital Mission
Rocket Lab Launches HASTE Suborbital Mission
Nov 18, 2025
02:56 PM EST, 11/18/2025 (MT Newswires) -- Rocket Lab ( RKLB ) said Tuesday it has successfully launched a suborbital mission using its HASTE launch vehicle for the Defense Innovation Unit and Missile Defense Agency. The mission deployed a government-provided primary payload and multiple secondary payloads by federal and industry partners, the company said. Price: 43.56, Change: +0.24, Percent Change:...
Looking At Rocket Lab's Recent Unusual Options Activity
Looking At Rocket Lab's Recent Unusual Options Activity
Nov 18, 2025
Financial giants have made a conspicuous bullish move on Rocket Lab ( RKLB ). Our analysis of options history for Rocket Lab ( RKLB ) revealed 59 unusual trades. Delving into the details, we found 44% of traders were bullish, while 37% showed bearish tendencies. Out of all the trades we spotted, 17 were puts, with a value of $1,496,676,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved