Volkswagen workers voice opposition to possible plant closures

Investing.com -- Volkswagen labor leader Daniela Cavallo told workers on Tuesday that confidence in CEO Oliver Blume has been damaged during restructuring discussions, though she said the damage is not beyond repair.

Cavallo addressed more than 10,000 workers at an extraordinary assembly at the carmaker's main plant in Wolfsburg, with Blume also present. The gathering was held to oppose possible plant closures.

"The German factories belong to the Volkswagen Group. They are an integral part," Cavallo said, according to excerpts shared by the works council.

"Our trust in this company's executive board, and especially in its CEO Oliver Blume, has been damaged. Not yet beyond repair, but damaged nonetheless," she added.

Blume told the assembly that current margins are insufficient to finance the company's future. He said Volkswagen will use voluntary staffing measures wherever possible going forward.

The CEO stated the company aims to create robust perspectives for German plants within the next six to 12 months. Blume described factory closures as the last and most expensive option.

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