Tens of thousands of Volkswagen workers in Germany began strikes Monday, marking the largest walkouts at its domestic plants since 2018. The strikes follow contentious labor negotiations after Volkswagen declined to rule out plant closures and layoffs amid mounting competition and weakening European demand. A labor union spokesperson called the dispute potentially Volkswagen's toughest yet, with workers at nine of ten German plants participating. Facing a 20% profit drop in the year's first nine months, Volkswagen aims to cut costs, including pay reductions, to remain competitive.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Tens of thousands of Volkswagen workers in Germany began strikes Monday,
00:05marking the largest walkouts at its domestic plants since 2018. The strikes filed contentious
00:10labor negotiations after Volkswagen declined to rule out plant closures and layoffs amid mounting
00:15competition and weakening European demand. A labor union spokesperson called the dispute
00:21potentially Volkswagen's toughest yet, with workers at nine of ten German plants participating.
00:26Facing a 20% profit drop in the year's first nine months, Volkswagen aims to cut costs,
00:31including pay reductions, to remain competitive.
00:33For all things money, visit Benzinga.com slash GSTV.