Volkswagen plans major layoffs, to shut at least three German plants, works council head says

Volkswagen is considering closing several plants in Germany and slashing salaries by 10 percent as the ailing auto giant pursues a drastic cost-cutting plan, a media report said Monday. VW is also eyeing a 10-percent pay cut for all remaining staff and no salary increases in 2025 and 2026, Handelsblatt said.