Volkswagen's Crucial Negotiations: Strikes Loom as Plant Closures Threaten

Volkswagen and labor leaders are hastily negotiating to prevent plant closures and pay cuts in Germany, with talks potentially lasting until Thursday. The IG Metall union has warned of strikes, while Volkswagen contemplates restructuring to tackle weaker European demand and competition from Chinese automakers.

In a tense negotiation that has gripped Germany's automotive industry, talks between Volkswagen and labor leaders are set to extend into Thursday. Both parties are urgently seeking a resolution to avert significant plant closures and wage reductions.

The discussions, ongoing since Monday, are critical to preventing massive strikes threatened by the IG Metall union, which could commence as early as next year. Approximately 100,000 workers have already engaged in historic strikes to oppose management's proposed cuts.

Despite the progress, spokespersons from both camps remain tight-lipped about solutions, with disagreements over plant closures remaining a major sticking point.

(With inputs from agencies.)