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

AUTOMOTIVE
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This is a bit of mixed bag if agreed. Short term, an end to the dispute and further strike disruption could bring some relief. Longer term, competitiveness would remain a problem.

  • WV is getting closer to an agreement with unions, according to a late Bloomberg report yesterday.
  • The report suggests factory closures in Germany could be avoided, with some scaling back of production and workers forgoing bonuses.
  • It would be surprising if VW settled for these terms; major cost cutting is needed to restore competitiveness, and this seems unlikely to be enough.
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This is a bit of mixed bag if agreed. Short term, an end to the dispute and further strike disruption could bring some relief. Longer term, competitiveness would remain a problem.

  • WV is getting closer to an agreement with unions, according to a late Bloomberg report yesterday.
  • The report suggests factory closures in Germany could be avoided, with some scaling back of production and workers forgoing bonuses.
  • It would be surprising if VW settled for these terms; major cost cutting is needed to restore competitiveness, and this seems unlikely to be enough.