Volkswagen's chief executive welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories, but the car giant's shares fell heavily on Monday.

No plant closures, but VW Group manufacturing capacity will be cut by 730k across German plants and 35k jobs to go.

Volkswagen announced sweeping changes to its German operations, including more than 35,000 future job cuts and capacity reductions in a last-gasp deal between Europe's top carmaker and unions on Friday to avert mass strikes.

Volkswagen on Friday said it had agreed with unions to cut more than 35,000 jobs at its German sites by 2030 in a socially responsible manner, which would help achieve more than 15 billion euros ($15.

Former Volkswagen Group chief executive Martin Winterkorn has accused the judge leading a criminal trial into the 77-year-old's alleged role in the diesel emissions scandal of bias, dpa learnt on Monday.

FRANKFURT, Germany — Volkswagen and its employee representatives said Friday they have reached a wage deal for 120,000 German workers that avoids plant closings and bars involuntary layoffs ...

Volkswagen’s troubles extend beyond its factories. The strikes come at a time of broader economic and political uncertainty in Germany. Chancellor Olaf Scholz, facing declining poll numbers ahead of a snap election, has publicly urged Volkswagen to avoid factory closures, adding political pressure to an already volatile situation.

A new Bloomberg report cites that Volkswagen may in fact be closing in on a deal to keep its factories in Germany open.

Despite making significant cost cuts, VW will not sell any of its German factories

Nevertheless, it is a reminder again of Germany’s toxic reliance on Russian money. This is hardly a shock. Few countries have embraced Moscow quite so wholeheartedly. Ties between the two were forged during the old Soviet Union then fortified under a succession of naive German leaders after the Berlin Wall was torn down.

TOKYO (AP) — Japanese automakers Honda and Nissan have announced plans to work toward a merger, forming the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.