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    Home > Finance > VW and works council reach provisional deal, Handelsblatt reports
    Finance

    VW and works council reach provisional deal, Handelsblatt reports

    Published by Global Banking & Finance Review®

    Posted on December 20, 2024

    1 min read

    Last updated: January 27, 2026

    Image depicting Volkswagen's works council discussing a provisional cost-cutting agreement, crucial for the company's financial strategy. The deal aims to save billions while minimizing factory closures.
    Volkswagen works council meeting on cost-cutting deal - Global Banking & Finance Review
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    Quick Summary

    Volkswagen and its works council reached a provisional cost-cutting deal to save billions, impacting factory operations but avoiding drastic closures.

    Volkswagen and Works Council Provisional Cost-Cutting Agreement

    (Reuters) - Volkswagen and its works council reached a provisional deal on cost-cutting measures that still requires further scrutiny and agreement from both sides, Handelsblatt reported on Friday, citing people familiar with the proceedings.

    The agreement would meet the company's target to save billions of euros and make less drastic cuts to factories than expected, Handelsblatt said.

    According to the report, a buyer would be sought for the Osnabrueck plant and the Dresden plant would be repurposed or closed. Closure of the factories in Zwickau or Emden would therefore be off the table, it said.

    Volkswagen was not immediately available to comment.

    (Reporting by Andrey Sychev; Writing by Matthias Williams, Editing by Friederike Heine)

    Key Takeaways

    • •Volkswagen and works council reached a provisional cost-cutting deal.
    • •The deal aims to save billions of euros.
    • •Less drastic factory cuts than expected.
    • •Osnabrueck plant may be sold, Dresden repurposed or closed.
    • •Zwickau and Emden factory closures are off the table.

    Frequently Asked Questions about VW and works council reach provisional deal, Handelsblatt reports

    1What is the main topic?

    The main topic is Volkswagen's provisional cost-cutting deal with its works council to save billions of euros.

    2What factories are affected?

    The Osnabrueck plant may be sold, and the Dresden plant may be repurposed or closed.

    3Are any factory closures confirmed?

    Closures of Zwickau and Emden factories are off the table according to the report.

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