Volkswagen layoffs: German carmaker to cut thousands of jobs, shut at least three plants

Volkswagen plans to cut down thousands of jobs and shut at least three factories in Germany as it aims for a deeper overhaul, Reuters reported, citing the works council head, on Monday. "Management is absolutely serious about all this. This is not sabre-rattling in the collective bargaining round," the report said quoting Daniela Cavallo, Volkswagen's works council head.

“This is the plan of Germany's largest industrial group to start the sell-off in its home country of Germany,” it added. (With inputs from Reuters).