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AUTOMOTIVE: Volkswagen (VW A3[N]/BBB+/A-): Future Volkswagen

AUTOMOTIVE
Credit BulletsCEEMEAEurozoneGermanyBullet

Well short of its originally communicated restructuring plans, but that is unsurprising given labour’s power locally.

  • VW announced a new labour agreement in Germany on Friday.
  • There will be no plant closures. Domestic production capacity be reduced 734,000. Some production will be moved to Mexico and repurposing of 2 small sites will be explored.
  • The workforce will be reduced by more than 35,000 by 2030. There will be no forced redundancies; presumably it will rely on voluntary redundancies and natural attrition.
  • It expects €4bn of cost savings a result. It says the agreement will enable €15bn pa of cost savings in the medium term.
  • No impact on FY24 outlook.
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Well short of its originally communicated restructuring plans, but that is unsurprising given labour’s power locally.

  • VW announced a new labour agreement in Germany on Friday.
  • There will be no plant closures. Domestic production capacity be reduced 734,000. Some production will be moved to Mexico and repurposing of 2 small sites will be explored.
  • The workforce will be reduced by more than 35,000 by 2030. There will be no forced redundancies; presumably it will rely on voluntary redundancies and natural attrition.
  • It expects €4bn of cost savings a result. It says the agreement will enable €15bn pa of cost savings in the medium term.
  • No impact on FY24 outlook.