Volkswagen’s operating margin shrank to the lowest since the Covid-19 pandemic forced the carmaker to idle production and shutter showrooms. The results buttress VW’s management’s case for taking drastic measures in Germany, where labor leaders are resisting the closing of at least three factories and the elimination of thousands of jobs. The company is also looking to reduce wages for around 140,000 workers by 10%, all of which would add to the woes of Europe’s largest economy. Bloomberg’s Oliver Crook reports.
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