Automotive workers staged nationwide protests in Germany on the 21st. VW announced a downward revision to its earnings forecast, including a goodwill impairment charge related to Porsche, while Porsche denied rumors reported on the 19th of a plan to make more than 4,000 additional job cuts.
Protests over Germany's automotive industry were held at VW, BMW and major auto-parts supplier Bosch. VW announced a downward revision to its earnings forecast, including a €6 billion goodwill impairment charge related to its Porsche division. Debate over future workforce reductions and restructuring intensified. Developments through the 22nd were reported to have affected the election results.
This month, VW proposed cutting approximately 50,000 jobs as part of its largest-ever restructuring plan, avoiding an all-out confrontation with its powerful unions. The unions, meanwhile, reiterated their call for management to resolve the issues and demanded protection of fair competition with China, an EU subsidy policy and continuation of the phased-retirement system.
In response to reports of an additional job-cutting plan at Porsche, Porsche CEO Leiters said in an internal memo that there was no plan to cut an additional 4,000 jobs. He said the existing restructuring plan had already been approved and no changes were envisaged.