Volkswagen unveils cost-savings plan that may keep German plants open

Volkswagen is proposing a 10% wage cut to maintain profitability and avoid factory closures in Germany. The company is facing financial challenges and is looking to save costs by implementing this measure. Negotiations with workers will resume soon, with the possibility of plant closures still on the table if an agreement cannot be reached. The company’s struggling brand and poor demand in Europe and China are contributing to the need for cost-saving measures. Labor leaders are concerned about job security and the future of plant operations. The next round of negotiations is scheduled for November 21, with potential strikes looming if an agreement is not reached by the end of next month.