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المشهد العربي
Volkswagen shares rise on union deal
Volkswagen has announced that it has reached an agreement with labor unions aimed at preventing escalation of the crisis and ensuring business continuity. The plan includes the layoffs of an additional 50,000 employees, bringing the total number of layoffs to 100,000 workers. This announcement coincided with the company's stock price rising by 5.5%, reaching €81.35, after having previously peaked at €83.80, marking gains of €8.70. This agreement comes amid the company's largest restructuring in 89 years, driven by commercial and economic pressures that have impacted operating profit margins, which fell to 3.8% in the first half of the year compared to 7.9% in 2022.
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