Volkswagen managers will take pay cuts worth over €300m by 2030, losing a larger proportion of their salary than the workforce, to avoid plant closures in the near-term.

Volkswagens sales at home and abroad plummeted, with their products undercut by cheaper Chinese models.

the agreement reached with the union outlines a cost-cutting plan that would allow €15bn of savings annually - in the medium-term.

This includes €1.5bn of savings in labour costs, with staffing numbers set to be reduced by 35,000 by 2030.

VW plans for capacity at its German factories to fall by 734,000 units.

Labour representatives pushed for management figures in VW to take pay cuts and assume responsibility for the firm’s downturn.

https://www.euronews.com/business/2025/01/08/vw-management-to-take-300-million-pay-cut-following-union-pressure