Volkswagen (Vz)

Volkswagen plans to further tighten the cost-cutting drive for its core VW brand and, according to a strategy paper, is considering closing four German plants. Operational layoffs are no longer being ruled out, while opportunities for new sites outside Germany are also envisaged. Employees left the Zwickau plant after a works meeting, reflecting the tense local situation. » Plus sur wiwo.de

Volkswagen is preparing for a July 9 supervisory board vote on a proposed restructuring that could close factories in Hanover, Zwickau, Emden and Neckarsulm and cut as many as 100,000 jobs. The sweeping plan, reportedly double previous cuts, has drawn strong opposition from unions, the works council and political leaders, including the state of Lower Saxony which holds a key stake. Management must demonstrate there are no alternatives amid pressure from electrification costs, Chinese competition and export challenges, while previously agreed protections against closures and compulsory redundancies complicate implementation. The proposal has triggered intense stakeholder negotiations and contributed to a sharp decline in Volkswagen's stock this year. » Plus sur cnbc.com

Volkswagen and Bosch have abandoned their ambitious plans for autonomous driving, seen as an indication of a lack of innovation at Germany’s industrial base. The lag behind US and Chinese competitors shows that established corporations are struggling to stay at the forefront of breakthrough technologies. Rapid reforms are being demanded, particularly lower employer costs, less bureaucracy and stronger support for start-ups, to restore long-term competitiveness and investor confidence. » Plus sur faz.net