Volkswagen has announced a deal with European unions to avoid factory closures in Germany and massive strikes. As part of the agreement, more than 35,000 jobs will be eliminated in a “socially responsible” manner by 2030,

Volkswagen announced a “Christmas miracle” with sweeping changes to its German operations but no immediate factory closures, layoffs, or wage cuts. Still, some 35,000 jobs are on the chopping block in the coming soon.

Volkswagen's chief executive welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories, but the car giant's shares fell heavily on Monday.

Volkswagen’s employee representatives say they have reached a wage deal. The deal will ward off management proposals for plant closings in Germany and bars involuntary layoffs through 2030.

Volkswagen announced sweeping changes to its German operations, including more than 35,000 future job cuts and capacity reductions in a last-gasp deal between Europe's top carmaker and unions on Friday to avert mass strikes.

Volkswagen announced sweeping changes to its German operations, including more than 35,000 future job cuts and capacity reductions in a last gasp deal between Europe’s top carmaker and unions on Friday to avert mass strikes.

VW and labor unions agreed on job cuts, capacity reductions, and production shifts to maintain German factories while tackling declining demand for electric vehicles.

Here are the main points of a deal struck on Friday between Volkswagen and unions on the carmaker's German sites and jobs. The agreement followed more than 70 hours of talks and averted the spectre of strikes at Europe's largest carmaker.

Volkswagen and its employee representatives said Friday they have reached a wage deal for 120,000 German workers that avoids plant closings and bars involuntary layoffs through 2030. The agreement includes provisions for Volkswagen to shed more than 35,