Volkswagen has announced a deal with European unions to avoid factory closures in Germany and massive strikes. As part of the agreement, more than 35,000 jobs will be eliminated in a “socially responsible” manner by 2030,

Volkswagen's chief executive welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories, but the car giant's shares fell heavily on Monday.

Volkswagen announced sweeping changes to its German operations, including more than 35,000 future job cuts and capacity reductions in a last-gasp deal between Europe's top carmaker and unions on Friday to avert mass strikes.

Volkswagen’s employee representatives say they have reached a wage deal. The deal will ward off management proposals for plant closings in Germany and bars involuntary layoffs through 2030.

Volkswagen has previously threatened closing as many as three factories in Germany for the first time in its history, amid warnings from its finance chief the company has “a yea

Here are the main points of a deal struck on Friday between Volkswagen and unions on the carmaker's German sites and jobs. The agreement followed more than 70 hours of talks and averted the spectre of strikes at Europe's largest carmaker.

Marathon talks between Volkswagen and labour representatives about cost-cuttings measures at the carmaker ended in a breakthrough on Friday, with both sides portraying the deal as a win even though tens of thousands of jobs will eventually be shed.

Volkswagen and IG Metall have made a deal to save the automaker's plants in Germany. The potential for mass layoffs and unprecedented plant closures is now over, at least until 2030, and wage cuts have been axed.

Volkswagen shares were down 3% in early trade on Monday with analysts citing uncertainty about the automaker's cost-cutting deal with unions and likely headwinds in 2025.

It outlines a major cost-cutting plan that includes 35,000 job cuts in Germany and the closure of multiple factories. Volkswagen aims to reduce domestic production capacity by 734,000 vehicles annually,