This plan, which is the most comprehensive restructuring move in Volkswagen’s 89-year history, also includes searching for alternative solutions for four factories in Germany, where current production models will end their life in the next decade.
This step also prevented a major conflict with unions by suspending the extraordinary general assembly scenario that the company management was considering to impose its plans despite the workers and the state of Lower Saxony, Volkswagen’s second largest shareholder.
The agreement will simplify Volkswagen’s multi-shareholding structure and limit the influence of unions and the supervisory board, which is majority-controlled by the state of Lower Saxony, on key decisions.
