VW announces major cuts: Three plants to close, 18% salary reduction

VW plans to close three plants and cut 18% of its workforce in a major restructuring move.

Volkswagen (VW) has announced plans to close three plants and cut 18% of its workforce in a major restructuring move. The closures will affect plants in Emden, Hanover, and Osnabrück, Germany, and will result in the loss of around 7,000 jobs.

The restructuring is part of VW's efforts to reduce costs and improve efficiency.

VW has been struggling with falling sales and rising costs in recent years, and the restructuring is seen as a necessary step to improve its financial performance. VW has said that the cuts will help the company to "return to profitability and secure its long-term future."

The closures will have a significant impact on the German economy.

The three plants that are set to close are all located in Germany, and the closures will result in the loss of thousands of jobs. The German government has expressed concern about the impact of the closures, and has urged VW to do everything possible to mitigate the job losses.

The restructuring is likely to face opposition from unions.

VW's plans to close three plants and cut 18% of its workforce are likely to face opposition from unions. The IG Metall union, which represents VW workers, has said that it will "fight against" the closures and job cuts.

The restructuring is expected to be completed by 2025.

VW has said that the restructuring is expected to be completed by 2025. The company will invest around €4 billion in the restructuring, and will use the savings to invest in new technologies and products.

VW's plans to close three plants and cut 18% of its workforce are a major development in the German automotive industry.

The closures will have a significant impact on the German economy, and are likely to face opposition from unions. The restructuring is expected to be completed by 2025, and will see VW invest around €4 billion in new technologies and products.