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Business

Volkswagen majority stakeholder supports German factory closures

Car giant Volkswagen’s biggest owner, the Porsche-Piëch family, has said they are in favour of reducing the number of German plants, as a cost-cutting measure.

Business

Chinese car maker BYD on track to beat Honda and Ford sales

BYD, one of the biggest Chinese electric vehicle (EV) producers, has seen higher sales figures through more car trade-ins in China, edging it closer to its 2024 sales target.

Business

Plant closures and job cuts: Volkswagen resumes talks with unions

Management and unions at Volkswagen have yet to find common ground in talks concerning the German car maker's proposal on possible job cuts and plant closures. Workers took strike action on Monday.

Business

Plant closures and job cuts: Volkswagen resumes talks with unions

Management and unions at Volkswagen have yet to find common ground in talks concerning the German car maker's proposal on possible job cuts and plant closures. Workers took strike action on Monday.

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Business

Volkswagen workers worry about future as they stage warning strikes

Thousands of workers at Volkswagen's headquarters in Wolfsburg launched warning strikes on Monday, with the works council accusing shareholders of prioritising billions in profits while workers face job insecurity and potential layoffs.

Europe News

Volkswagen workers on strike over proposed pay cuts and plant closures

The two-hour stoppages included the company's base plant at Wolfsburg, where workers protested against a cost-cutting drive by the car maker's management which includes the threat of plant closures in Germany.

Business

Volkswagen workers in Germany ready to strike in early December

Volkswagen workers are set to strike in Germany in early December and union IG Metall said in a circulated pamphlet that it is "necessary".

Europe News

VW workers' union threatens to go on strike after talks fail

Earlier this week, the workers announced that they were willing to accept pay reductions so that the company could continue to keep plants open and avoid mass layoffs.

Business

Volkswagen workers offer to take pay cut as wage talks continue

As Volkswagen’s wage negotiations enter a third round, employees have offered to accept a wage cut, in return for guarantees from the company that it will not shut down German plants, and will protect job security.

Business

Volkswagen announces plans for electric tie-up with Rivian

As car makers face problems with demand and slower sales in connection with electric vehicles, Volkswagen is teaming up with EV producer Rivian.

Business

Thousands of jobs to go at German car parts maker Schaeffler

The company is downsizing at 10 locations in Germany and five other sites in Europe, further illustrating the challenges facing the European car industry.

Business

Volkswagen's earnings disappoint as shares plunge to 24-year low

Volkswagen’s third-quarter earnings missed expectations, pushing shares to a 24-year low. Europe’s biggest automaker faces rising costs, restructuring expenses, and slowing demand, particularly in China. Challenges in the EV market and regulatory pressures are straining profitability.

Europe News

Scholz criticised for hosting economic summit without key ministers

The German chancellor has been accused of using an economic summit as an election launchpad.

Business

Volkswagen set to close three German plants and cut thousands of jobs

Further talks are planned between Volkswagen and trade union leaders on Wednesday.

Economy

End of economic crisis? DAX rises as German business sentiment surges

The DAX index rose during the end of the week as improved German business sentiment and positive private sector data rescued investor confidence. The Ifo Business Climate Index increased for the first time in six months, offering a light at the end of the tunnel.

Business

Volkswagen faces hefty fine for mistreatment of UK customers

The UK's financial watchdog found Volkswagen had sometimes confiscated cars from vulnerable customers "without considering other options".

Business

Porsche sales plunge as Chinese competition heats up

German automaker Porsche has experienced dropping sales as competition in China continues to rise, with demand for some of its key electric models falling as well.

Business

VW workers stage protest as managers and unions hold talks

The talks on pay and conditions at Volkswagen come amid reports of job cuts and, for the first time in its history, potential plant closures in Germany.

Business

Volkswagen denies plans to cut 30,000 staff from its workforce

Earlier this month, CEO Oliver Blume told employees that the company needed to end a three-decade-old job protection pledge that would have banned layoffs until 2029.

Brussels, My Love?

Brussels, my love? Can 'Super Mario' get the EU economy on track?

In this edition, we ask why the EU economy lags the US and China, and hear of the Commission's bitter battle with Big Tech.