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CONSUMER CYCLICALS: Volkswagen (VW A3/BBB+/A-): Ending Job Protections

CONSUMER CYCLICALS
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  • Volkswagen has given notice to IG Metall that it is ending job protection agreements.
  • This story raises more questions than answers for us; it’s unclear how it can unilaterally cancel such agreements.
  • While VW has already announced it’s considering plant closures any such measures will be tough to get past a board that’s dominated by Lower Saxony and union representatives.
  • If Volkswagen can manage to improve its competitiveness with such matters without excessive cost that would be a positive but we see no clear path to that outcome at this stage.
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  • Volkswagen has given notice to IG Metall that it is ending job protection agreements.
  • This story raises more questions than answers for us; it’s unclear how it can unilaterally cancel such agreements.
  • While VW has already announced it’s considering plant closures any such measures will be tough to get past a board that’s dominated by Lower Saxony and union representatives.
  • If Volkswagen can manage to improve its competitiveness with such matters without excessive cost that would be a positive but we see no clear path to that outcome at this stage.