Volkswagen's chief executive welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories, but the car giant's shares fell heavily on Monday.

The automaker agreed to keep all 10 of its factories in Germany open and to guarantee workers’ jobs until the end of 2030.

Here are the main points of a deal struck on Friday between Volkswagen and unions on the carmaker's German sites and jobs. The agreement followed more than 70 hours of talks and averted the spectre of strikes at Europe's largest carmaker.

More than 35,000 jobs will be cut across Germany as Volkswagen trims production capacity by 734,000 units. Production will end at Volkswagen’s Transparent Factory next year, while Golf production is moving to Mexico.

Volkswagen announced sweeping changes to its German operations, including more than 35,000 future job cuts and capacity reductions in a last gasp deal between Europe’s top carmaker and unions on Friday to avert mass strikes.

Former Volkswagen Group chief executive Martin Winterkorn has accused the judge leading a criminal trial into the 77-year-old's alleged role in the diesel emissions scandal of bias, dpa learnt on Monday.

Volkswagen on Friday said it had agreed with unions to cut more than 35,000 jobs at its German sites by 2030 in a socially responsible manner, which would help achieve more than 15 billion euros ($15.

FRANKFURT, Germany — Volkswagen's employee representatives said Friday they have reached a wage deal that wards off management proposals for plant closings in Germany and bars involuntary ...

Volkswagen's employee representatives said Friday they have reached a wage deal that wards off management proposals for plant closings in Germany and bars involuntary layoffs through 2030. Union and employee representatives were slated to hold simultaneous news conferences Friday to spell out details of the agreement reached after almost 60 hours of negotiations this week as the two sides pressed to reach a deal before the Christmas holidays.

Volkswagen’s troubles extend beyond its factories. The strikes come at a time of broader economic and political uncertainty in Germany. Chancellor Olaf Scholz, facing declining poll numbers ahead of a snap election, has publicly urged Volkswagen to avoid factory closures, adding political pressure to an already volatile situation.

Despite making significant cost cuts, VW will not sell any of its German factories