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The reductions, which correspond to 14% of the brand’s German workforce, won’t affect factory workers. “Audi must become faster, more agile and more efficient,” said CEO Gernot Döllner.

The model will offer more than 155 miles of range and is the “last piece of the puzzle” for VW’s next-generation lineup, said Thomas Schaefer, CEO of the brand.

Stellantis NV and Volkswagen AG shares declined as some of their plug-in cars lost access to U.S. tax credits under tougher rules that took effect this week.

FRANKFURT, Germany — Volkswagen and its employee representatives said they reached a wage deal for 120,000 German workers that avoids plant closings and bars involuntary layoffs through 2030.

Volkswagen Group will spend C$69 million ($48.1 million) on a 9.9% stake in lithium miner Patriot Battery Metals to secure raw materials for electric vehicles.

If insufficient progress is made on a deal by early Dec. 18, the board of union IG Metall is prepared to hold a vote at the end of the week to pave the way for 24-hour walkouts.

Volkswagen and Rivian named leaders for their multibillion-dollar joint venture and showcased a prototype electric vehicle, signaling their commitment even as global EV demand softens.

Schaeffler AG will cut about 4,700 jobs in Europe and close two sites as a deepening slump at Volkswagen AG and other German carmakers ripples through their supply chains.

Arne Meiswinkel, the automaker’s chief negotiator, said the plan includes a 10% pay cut and revised bonus system. The measures aim to strengthen the VW brand.

Volkswagen AG plans to close at least three factories in Germany as Europe’s biggest automaker tries to slash expenses to become more competitive.