LONDON (Reuters) – Volkswagen introduced sweeping adjustments to its German procedures, consisting of greater than 35,000 future task cuts and capability decreases in a last-gasp offer in between Europe’s leading carmaker and unions on Friday to avoid mass strikes.
Here are some responses to the information:
GERMAN CHANCELLOR OLAF SCHOLZ:
“It’s good news that the company and trade unions have agreed on a good, socially acceptable solution today.”
“Despite all the hardships, it ensures that Volkswagen and its employees can look forward to a good future.
“It reveals that Germany continues to be an eye-catching place for market and an essential nation for the automobile market.”
PORSCHE SE, VOLKSWAGEN’S TOP SHAREHOLDER:
“Porsche SE invites the arrangement got to in between the business and worker agents. The concurred brochure of steps makes a considerable payment to an architectural and lasting decrease in expenses.”
“The outcome of the settlements will certainly cause a significant renovation in Volkswagen’s competition. This has actually developed a strong basis for the required future financial investments at Volkswagen.
“The task now is to systematically implement the measures from the beginning of the year.”
ALEXANDER KRUEGER, PRIMARY ECONOMIC EXPERT AT HAUCK AUFHAEUSER LAMPE:
“At first glance, it looks like a compromise that both sides can more or less live with … Other companies are also pursuing job-cutting plans and VW seems to be just the beginning.
“Competitive price pressure will probably require further adjustments at a later date. All this activity shows how urgent it is for Germany to make a fresh start in terms of economic policy.”
