Job Cuts and Strike Fears Spell More Pain in Europe’s Auto Sector
Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
Volkswagen is inching closer to widespread walkouts as executives and unionists remain divided over how to carry out the German automaker’s massive restructuring, which has gained urgency in the face of slumping EV demand, high operational costs and fierce Chinese competition. A third round of negotiations between the two sides kicks off today, after labor leaders offered €1.5 billion in additional cost cuts. In another sign of the challenges facing Europe’s car industry, Ford announced it plans to cut 4,000 jobs in the region by the end of 2027, around 14% of its workforce. The reductions will primarily hit operations in Germany and the UK, pending consultations with unions and governments.
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