Germany's IG Metall union reported that nearly 100,000 Volkswagen (VWAGY, Financial) workers participated in a warning strike to protest the company's cost-cutting strategies. The strike began on Monday and continued into Tuesday, aiming to counter Volkswagen's plans to shut factories, significantly reduce staff, and cut wages.
Volkswagen has announced the necessity of decisive actions to regain competitiveness amid industry challenges. Previously, the company proposed a 10% wage reduction for employees and planned to close at least three German plants, affecting tens of thousands of jobs.
The third round of collective bargaining between worker representatives and Volkswagen concluded last week without an agreement. The next negotiation session is scheduled for December 9. IG Metall stated that 98,650 employees participated in the strike across nine plants, with over 60,000 employees at the main Wolfsburg plant, where about 47,000 workers joined the strike.
