BERLIN (Reuters) – Volkswagen (ETR:) and labour unions are nearing an agreement to restructure the brand without closing factories in Germany, Bloomberg reported on Thursday, citing people familiar with the matter.
The management is willing to keep plants running and restore job security agreements until 2030 in exchange for workers foregoing bonus payments, the sources said.
Additional cost-cutting measures include moving production of the Golf hatchback from Germany’s Wolfsburg factory to Mexico, and ending the production of VW-branded electric vehicles in Zwickau to trim capacity, according to the sources.
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