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(Sharecast News) - German automotive giant Volkswagen will close the doors on at least three factories as it looks to potentially lay off tens of thousands of employees.
Volkswagen did not specify which plants would be affected or exactly how many staff could be laid off but told employees that the firm was "absolutely serious".
Daniela Cavallo, head of VW's works council, said: "This is the plan of Germany's largest industrial group to start the sell-off in its home country of Germany."
She also said VW's remaining plants would be downsized.
VW has spent weeks negotiating with unions over its plans to cut costs, which have risen as a result of heightened labour and energy costs.
The company vowed to put forward proposals for how to cut labour costs on Wednesday, when workers and management meet for a second round of discussions.
As of 1505 GMT, VW shares were down 0.74% at 91.60 each.
Reporting by Iain Gilbert at Sharecast.com
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