Volkswagen to Cut Investment, Shuffle Board
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BERLIN - German automaker Volkswagen AG said Friday it will cut investment in auto operations by 6 percent over the next two years and reshuffle its management board as part of an overall reorganization process meant to trim costs.
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Volkswagen of America Inc. said on Friday it would recall 62,000 Passat sedans and wagons from the 2006 and 2007 model years in the U.S. and Canada because of potential problems with wiper motors or braking in cold weather.
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Shares in Volkswagen  fell  more than 2 percent on Monday ahead of a vote by German  metalworkers union IG Metall on whether to reopen its contract  with Europe's biggest carmaker.
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Volkswagen AG said Tuesday it would stop production of its Golf model at its Belgian plant, shocking workers and government leaders who fear more than 3,500 jobs could be lost.
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BERLIN  - Volkswagen AG reported a 65 per cent drop in third-quarter net profits amid fiercely competitive markets and difficult economic conditions such as a strong euro and high oil prices.
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The decision strikes down one of Europeâs most visible symbols of protectionism and clears the way for Porsche to take control of Volkswagen, Europeâs largest automaker.
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German car giant Volkswagen complained that cut-throat competition, high oil prices and the weak dollar had nearly halved its earnings so far this year.
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Europe&#39;s biggest carmaker said 30,000 jobs could be cut in Germany if unions do not agree to cost-cutting plans. Volkswagen is pushing for a wage freeze and more flexibility in working hours to counteract falling sales.
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Volkswagen AG, Europe&#39;s largest carmaker, wants German workers to agree to a two-year wage freeze to cut costs amid a stagnating market, dismissing a union demand for a 4 percent yearly raise.
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Brussels braced for a major wave of lay-offs at the city's biggest employer after German carmaker Volkswagen announced plans to cut two-thirds of the jobs at its plant in the Belgian capital.
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German car maker BMW announced on Friday a plan to shed thousands of jobs in its German workforce to boost profitability, following in the tracks of Daimler and Volkswagen.
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Management and unions at German auto maker Volkswagen reached an agreement on Wednesday that will bring an end to their long-running wage dispute, a union official said.
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Volkswagen AG, the world's fourth largest carmaker, plans to cut more than a quarter of its U.S. staff as it moves its local headquarters from Detroit, it said on Thursday.
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Volkswagen of America said Thursday that it would withdraw a commercial that several mental health organizations criticized as making light of suicide.
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Volkswagen AG, Europe's biggest carmaker, is threatening to slash 30,000 jobs to force unionized employees to accept a pay freeze in the latest and largest labor-management confrontation this year in Germany.
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Bayerische Motoren Werke will cut spending by 6 billion euros ($8.5 billion) over five years and change senior management after losing ground to the Mercedes Car Group of DaimlerChrysler.
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Volkswagen AG has reduced the 2005 production target for its top-selling Golf compact by more than 10 percent because of Europe's sluggish auto market, a company spokesman said Tuesday.