VW Eyes Closing Three German Factories in Cost-Cutting Push [BNN Bloomberg (Canada)]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: BNN Bloomberg
The plans also include pushing through universal pay cuts at the main VW brand of 10% and shrinking all remaining sites in the country, works council chief Daniela Cavallo, who also sits on VW's supervisory board, said in Wolfsburg, Germany. “This means taking out even more products, quantities, shifts and entire assembly lines far beyond what we have already done so far,” Cavallo said Monday in a speech in front of hundreds of VW workers. “This is starvation, a weakening in installments.” Chief Executive Officer Oliver Blume has pointed to high costs at the VW brand, which is struggling with waning demand in Europe and intensifying competition from BYD Co. in China. Unionists are saying that workers are made to pay for boardroom mistakes including a botched EV shift and bad pricing policy. Cavallo's speech was part of assemblies organized by the labor side at several VW sites across the country. They kick off a contentious week for Europe's biggest carmaker, which is expected
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