VW CRISIS: Massive drop in profits! Are IG Metall's demands in collective bargaining utopian?
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VW CRISIS: Massive drop in profits! Are IG Metall's demands in collective bargaining utopian? The struggling Volkswagen Group suffered a sharp drop in profits in the third quarter. A weak industry environment with fewer vehicle sales and the initiated capacity and job cuts in the group resulted in a burden of billions. The figures were weaker than analysts had already feared. Group profit after taxes fell by 64 percent to 1.58 billion euros - partly because VW is also doing poorly in the important Chinese market. Sales, on the other hand, only fell by half a percent to 78.5 billion euros. The management team led by CEO Oliver Blume maintained the annual forecast, which was again lowered in September. Blume has cut costs in the group and wants to save billions, in particular to get the low-profit core brand VW cars back on track. According to the works council, the board wants to close at least three German VW plants and downsize the rest, and tens of thousands of employees are to be laid off. Significant wage cuts are also on the table. Employees have announced fierce resistance and are demanding more comprehensive solutions than just looking at labor and factory costs. This Wednesday, the company and the IG Metall union will meet for the next round of talks on VW's in-house wage agreement. #worldnewschannel #volkswagen #vw #autoindustry Subscribe to the WELT YouTube Channel / weltvideotv WELT DOKU Channel / weltdoku WELT Podcast Channel / weltpodcast WELT Netzreporter Channel / dienetzreporter The WELT news livestream http://bit.ly/2fwuMPg The top news on WELT.de http://bit.ly/2rQQD9Q The media library on WELT.de http://bit.ly/2Iydxv8 WELT news channel on Instagram / welt.newschannel WELT on Instagram / welt On our own behalf: Due to the high volume of irrelevant and offensive posts, we are currently unable to accept any more comments. Thank you for your understanding - the WELT team Video 2024 created
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