VW works council head says company to shutter three Germany plants, Reuters says

Daniel Cavallo, head of Volkswagen’s (VWAGY) works council, said that the car maker intends to shut down at least three factories in Germany, cut tens of thousands of jobs, and shrink its remaining factories in the country as it plots a deeper-than-anticipated revamp, Reuters’ Axel Schmidt, Christoph Steitz, and Christina Amann report. “Management is absolutely serious about all this. This is not sabre-rattling in the collective bargaining round,” Cavallo told employees at the carmaker’s biggest plant, in Wolfsburg, threatening to break off talks. “This is the plan of Germany’s largest industrial group to start the sell-off in its home country of Germany,” Cavallo added.