VOLKSWAGEN PAY CUT
Bosch to reduce hours for 450 employees due to tough economy
Robert Bosch will cut working hours for 450 employees in Germany starting next spring. The company cites a difficult economic situation. Affected employees will move to a 35-hour workweek. This decision impacts locations primarily in Stuttgart and Gerlingen. The auto industry in Europe faces challenges including potential job cuts and demands for pay cuts.
Volkswagen union warns against plant closures, backs $1.6 billion cost cuts
The proposal comes a day ahead of a third round of crunch talks between workers and management over pay cuts and factory shutdowns in Germany in the fiercest dispute in years at Europe's biggest automaker, which - like other German industrial giants - is reeling from high costs and Chinese competition.
In high-wage Germany, Volkswagen's labour costs outstrip the competition
Volkswagen faces pressure to reduce labor costs in Germany as they exceed those of rivals like BMW and Mercedes-Benz. While unions demand a 7% pay rise, the company, grappling with high production costs and competition from cheaper Chinese models, proposes a 10% cut. Negotiations are set to begin as Volkswagen aims to improve its competitiveness.
Volkswagen's EV Woes: From 'das auto' to 'drive digger' and the road ahead
Volkswagen, after facing setbacks in its electrification strategy, is announcing plant closures and layoffs. The company's struggles stem from declining sales in China, its largest market, where buyers are shifting towards locally produced EVs. VW's situation is further aggravated by tariff wars, reduced government subsidies, and strong competition from Chinese EV manufacturers like BYD.
VW cost cutting necessary after 'decades of structural problems', CEO tells paper
Volkswagen plans to cut costs to address long-standing structural issues. CEO Oliver Blume said weak market demand in Europe and lower earnings from China highlight these problems. Volkswagen may close three factories in Germany, lay off thousands of employees, and reduce operations in remaining plants. It has set aside approximately 900 million euros to implement these changes.
How Volkswagen lost its way in China
Volkswagen faces severe challenges in China, with falling sales, political missteps, and competition from local brands. BYD's rise and state subsidies have pressured VW's market share. VW's plant in Xinjiang remains controversial and unproductive. Tariffs on Chinese-made EVs further dent VW's European market prospects.
- Go To Page 1
Euro zone grows quicker than expected but outlook remains weak
The euro zone economy grew by 0.4% in the third quarter, surpassing expectations. Despite growth, industry remains in recession and consumer confidence is weak.
Porsche staff to join wave of strikes in key German industries
Porsche staff in Stuttgart will join strikes by workers in Germany's electrical engineering and metal industries on Tuesday to demand higher pay. The strikes follow the end of a truce period in collective bargaining talks, amid escalating conflicts within Volkswagen, which plans to shut factories and cut jobs.
Rate cuts are coming from the European Central Bank and the Fed. Experts say the pace will be mild
With inflation easing, the European Central Bank is expected to cut interest rates again to support growth. The U.S. Federal Reserve may follow suit. However, rapid rate cuts are unlikely. The ECB's focus remains on balancing growth concerns with ensuring inflation stays near its 2% target.
Volkswagen factory threat stress-tests Germany's economic model
German industry faces a crisis as Volkswagen threatens to close factories, challenging the nation's consensual industrial relations model. High labor and energy costs, along with competition from Asian rivals, are pressuring legacy carmakers like VW. Negotiations between management and unions are set to begin next week to find solutions.
Few Chinese electric cars are sold in U.S., but industry fears a flood
American automakers expressed their approval of the Biden administration's decision on Tuesday to levy a 100% tariff on electric vehicles imported from China. They stated that these vehicles could undercut billions of dollars of investments made in electric vehicle and battery manufacturing facilities in the United States.
Automakers hope for a cut as two-way EV charging becomes real
Automakers and utilities are gearing up for V2G technology, enabling EV owners to sell power back to grids. Major players like GM, Ford, Volkswagen, and Nuvve are actively involved in this evolving landscape of bidirectional charging.
Top 8 threats to the global economy in 2024: A pessimist¡¯s guide
The Middle East conflict, with the potential to choke off oil flows and push inflation higher, poses a risk to global growth. This conflict could escalate tensions in the Red Sea and draw Iran deeper into the fighting. The Federal Reserve's pivot to rate cuts could be burned by a supply shock from the Middle East or looser financial conditions. Europe faces the risk of a deep recession as the European Central Bank and Bank of England conclude their tightening cycles. The global economy could be impacted by the wobbling of the world's second-largest economy, China, and the potential loss of control of the yield curve in Japan. Ukraine's failure to counter Russia could have implications for the US as a reliable ally.
'They fire, we hire' - Germany seizes on Silicon Valley's woes
The U.S. West Coast has always been the main destination for ambitious software engineers looking to work in the best-paid, most elite corner of their profession, but the mass redundancies have created a pool of jobseekers that Germany is eager to tap.
'They fire, we hire' - Germany seizes on Silicon Valley's woes
While Germany is also teetering on the edge of recession, its companies have grown more slowly in recent years and, in a country notorious for still handling business by fax, there are huge technology leaps to be made.
Twitter job cuts: what are digital layoffs and what do they mean for employees and companies?
Musk's plans to restructure Twitter began with laying off top executives, before notifications were emailed to around half of the Twitter global workforce that they were being made redundant or that their jobs were at risk. In a memo to staff, Musk defended the firings as "an effort to place Twitter on a healthy path" and "unfortunately necessary to ensure the company's success moving forward".
Renault unveils sweeping overhaul for electric future
Under the green revamp, Renault is to split its operations in two, with a new electric vehicle unit and a subsidiary for petrol, diesel and hybrid cars that will pair up with China's Geely. The carmaker's flagship division following the reorganisation will be Ampere, which aims to produce a million electric vehicles by 2031, the group said ahead of an investor day in Paris.
European industry faces growth pangs amid soaring energy prices
Europe is paying seven times as much for gas as the US, underscoring a dramatic erosion of the continent's industrial competitiveness that threatens to cause lasting damage to its economy. With Russian President Vladimir Putin redoubling his war efforts in Ukraine, there's little sign that gas flows - and substantially lower prices - would be restored to Europe in the near term.
Russia war could further escalate auto prices and shortages
Now, a new factor - Russia's war against Ukraine - has thrown up yet another obstacle. Critically important electrical wiring, made in Ukraine, is suddenly out of reach. With buyer demand high, materials scarce and the war causing new disruptions, vehicle prices are expected to head even higher well into next year.
Russia war could further escalate auto prices and shortages
Russia's war against Ukraine - has thrown up yet another obstacle. Critically important electrical wiring, made in Ukraine, is suddenly out of reach. With buyer demand high, materials scarce and the war causing new disruptions, vehicle prices are expected to head even higher well into next year.
Toyota, VW plotting to beat Tesla, pouring billions into electric cars
Tesla, the pioneer and pacesetter, has dominated the early rounds of the new-energy age, capturing investors¡¯ imaginations with a vision for what the next generation of vehicles looks like and seizing the nascent market for fully electric cars.
Battery giants face skills gap that could jam electric highway
South Korean battery giants are facing growing demands from big automakers and can't find enough technicians with the training needed to keep advancing cutting-edge tech such as solid-state batteries.
The rise of fintech: Banking is dead, long live banking
Global brands are cutting out the traditional financial middleman and plugging in software from fintech startups to offer customers everything from banking and credit to insurance and even 'buy now, pay later'.
What if highways were electric? Germany tests the idea
Traton, the company that owns truck makers Scania, MAN and Navistar, argues that hydrogen is too expensive and inefficient, because of the energy needed to produce it. Traton, majority owned by Volkswagen, is betting on ever-improving batteries ¡ª and on electrified highways.
In Paradise and beyond, wage hikes lag global recovery
"Businesses are trying to cope with the (labor) shortage in different ways but we aren't seeing industry-wide wage pressures," said Daniel Gschwind, chief executive of the Queensland Tourism Industry Council.
Many companies recognise employee efforts through rewards
Companies across sectors are giving their employees a combination of increments, promotions, variable pay and one-time special bonuses despite the disruptions and external market conditions. Others are promising not to cut salaries and jobs.
Volkswagen faces EU fine for missing 2020 emissions targets
Concerned about global warming, as well as air pollution, European policymakers have clamped down on exhaust emissions, forcing carmakers to spur development of low-emission technology or face a penalty of 95 euros per gram of excess CO2 they emit.
Surging shipping rates pose new headwind for the global economy
Just a few weeks ago, the bottlenecks at ports from Singapore to Los Angeles and Rotterdam were looking like short-term headaches and added costs during peak season. Now they¡¯re threatening to act more like a brake on the global recovery.
Tesla gaining ground pushes China¡¯s EV bubble closer to bursting
Monthly Tesla registrations in China now exceed 10,000 and helped the company beat global delivery estimates in the latest quarter.
Load More
