Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

VW works council says still away from cost-cut deal with management

Published 10/20/2016, 05:26 AM
Updated 10/20/2016, 05:30 AM
© Reuters. File photo of VW sign outside a Volkswagen dealership in London

BERLIN (Reuters) - Volkswagen's (DE:VOWG_p) labor leaders said they were still quite a bit away from an agreement with management on cost cuts and strategy for the main autos division.

"A collapse of the future pact continues to be possible because we are still lacking essential commitments from the company," leaders of Volkswagen's (VW) works council said in a letter distributed to German staff on Thursday.

Labor bosses at Europe's largest carmaker want management to agree to fixed targets and quotas for products, output and investment as the two sides wrestle over a turnaround plan for the core VW brand.

© Reuters. File photo of VW sign outside a Volkswagen dealership in London

Talks between labor and management over the so-called future pact will resume later on Thursday, after leaders have briefed workers at a staff gathering in Wolfsburg.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.