Volkswagen has announced a deal with European unions to avoid factory closures in Germany and massive strikes. As part of the agreement, more than 35,000 jobs will be eliminated in a “socially responsible” manner by 2030,

Volkswagen announced a “Christmas miracle” with sweeping changes to its German operations but no immediate factory closures, layoffs, or wage cuts. Still, some 35,000 jobs are on the chopping block in the coming soon.

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.

The automaker agreed to keep all 10 of its factories in Germany open and to guarantee workers’ jobs until the end of 2030.

Here are the main points of a deal struck on Friday between Volkswagen and unions on the carmaker's German sites and jobs. The agreement followed more than 70 hours of talks and averted the spectre of strikes at Europe's largest carmaker.

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.

VW and labor unions agreed on job cuts, capacity reductions, and production shifts to maintain German factories while tackling declining demand for electric vehicles.

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.

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.

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

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.

Volkswagen’s CEO welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories. Volkswagen is struggling with high costs and rising competition in ...