Volkswagen Cost-Cutting Measures

(Reuters) – Volkswagen (ETR:VOWG_p) and its works council have reached a provisional deal on cost-cutting measures that still requires further scrutiny and agreement from both sides, according to Handelsblatt on Friday.

The agreement aims to meet the company's target of saving billions of euros while implementing less drastic cuts to factories than initially expected, Handelsblatt reported.

As per the report, a buyer will be sought for the Osnabrueck plant, and the Dresden plant will either be repurposed or closed. Consequently, closures of the factories in Zwickau or Emden are reportedly off the table.

Volkswagen was not immediately available for comment.