Volkswagen shares have surged nearly seven per cent in Frankfurt after the carmaker's supervisory board unanimously approved a transformation plan that could cut up to 100,000 jobs worldwide — the biggest workforce reduction in automotive history.
The company's chief executive, Oliver Blume, has indicated that Germany will bear a significant share of the restructuring, with four domestic plants facing an uncertain future beyond the end of the decade.
Will Denselow has the story from Brussels.
IN: “When it comes...”
OUT: “...Germany going forward.”
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(ALT)
Reporter Will Denselow in Brussels says Chinese competition remains a major threat, with Beijing's electric vehicle makers expected to capture around 16 per cent of the European market by the end of the decade.
IN: “We've heard from...”
OUT: “...the European market.”
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