ºÚÁϳԹÏÍø

Continental AG said its automotive unit will struggle to increase sales this year as the German supplier pushes ahead with plans to spin off the ailing division despite the car industry downturn.

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.

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.

Volkswagen is ending job protections for auto workers in Germany as part of its cost-cutting push, setting up a showdown with unions.

Continental AG shares rose after improving returns at its struggling car-parts unit, which the German company may spin off in its biggest-ever restructuring.

Volkswagen AG’s namesake brand plans to bolster its offering of plug-in hybrid cars in response to a slowdown in demand for fully electric vehicles.

Continental AG declined as the company embarks on a deep overhaul of its underperforming auto components business in a slowing vehicle market.

Daimler Truck Holding is not likely to achieve the 15% reduction in operating costs, investment and research and development expenditures it’s targeting by 2025, its deputy chairman said.

Volkswagen said its battery startup has seen positive results with solid-state cells for electric vehicles, a win for the carmaker as it pushes to make EVs more efficient and less expensive.