VW CEO Booed After Profit Announcement, Worker Pay Cuts Planned
Facing intense competition from China and high manufacturing costs, Volkswagen CEO Oliver Blume announced necessary cost-cutting measures to secure the company’s future, including potential plant closures and job cuts. This announcement was met with significant backlash from approximately 20,000 workers at the Wolfsburg plant, resulting in widespread boos and walkouts by approximately 100,000 union members. Blume emphasized the need for decisive action in a rapidly changing market, highlighting the immense price pressure and the urgency of the situation. The tense situation underscores the challenges facing European automakers in a competitive global landscape.
John Q. Hosedrinker