VW works council says still away from cost-cut deal with management

October 20, 2016 5:26 AM EDT

A VW sign is seen outside a Volkswagen dealership in London, Britain, November 5, 2015. REUTERS/Suzanne Plunkett/File photo

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

BERLIN (Reuters) - Volkswagen's labor leaders said they were still quite a bit away from an agreement with management on cost cuts and strategy for the main autos division.

"A collapse of the future pact continues to be possible because we are still lacking essential commitments from the company," leaders of Volkswagen's (VW) works council said in a letter distributed to German staff on Thursday.

Labor bosses at Europe's largest carmaker want management to agree to fixed targets and quotas for products, output and investment as the two sides wrestle over a turnaround plan for the core VW brand.

Talks between labor and management over the so-called future pact will resume later on Thursday, after leaders have briefed workers at a staff gathering in Wolfsburg.

(Reporting by Andreas Cremer; Editing by Maria Sheahan)

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories


Add Your Comment