The Volkswagen logo is displayed on a vehicle during a media tour at Volkswagen Commercial Vehicles (Volkswagen Nutzfahrzeuge) in Hanover, Germany, March 4, 2026. REUTERS
FRANKFURT, Sept 4 (Reuters) – Shares in Volkswagen were up 7% in early trade in Frankfurt after the supervisory board of Europe’s largest automaker late on Thursday struck a major turnaround agreement.
The deal on the biggest restructuring in the group’s 89-year history includes a further 50,000 job cuts, bringing the group’s total to 100,000, and leaves open the future of four of its German plants.”The agreement … is a positive sign for Volkswagen and the capital market – even if it involves severe cutbacks amongst the workforce and within the group,” said Moritz Kronenberger of Volkswagen shareholder Union Investment.”The ball is now entirely in the Executive Board’s court. There are no more excuses,” he said.
Editing by Ludwig Burger
