Employees demonstrate on the factory premises during an information event organised by the Works Council of Volkswagen Saxony in Zwickau, eastern Germany on October 28, 2024, after auto giant Volkswagen announced plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive. The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by JENS SCHLUETER / AFP) (Photo by JENS SCHLUETER/AFP via Getty Images)

Aerial view taken on October 28, 2024 shows the plant of German car maker Volkswagen (VW) in Zwickau, eastern Germany. Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said on October 28, 2024, calling the proposed cuts "of historic dimensions". The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by AFP) (Photo by STR/AFP via Getty Images)

(FILES) Employees Max Bruehmann (L) and Heiko Gruner wear face masks as they work on the assembling of a Volkswagen ID.3 electric car at the plant of German car maker Volkswagen (VW) in Zwickau, eastern Germany, after production restarted on April 23, 2020 amid the novel coronavirus COVID-19 pandemic. Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said on October 28, 2024, calling the proposed cuts "of historic dimensions". The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by Hendrik Schmidt / POOL / AFP) (Photo by HENDRIK SCHMIDT/POOL/AFP via Getty Images)

Aerial view taken on October 28, 2024 shows the plant of German car maker Volkswagen (VW) in Zwickau, eastern Germany. Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said on October 28, 2024, calling the proposed cuts "of historic dimensions". The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by AFP) (Photo by STR/AFP via Getty Images)

Employees demonstrate on the factory premises during an information event organised by the Works Council of Volkswagen Saxony in Zwickau, eastern Germany on October 28, 2024, after auto giant Volkswagen announced plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive. The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by JENS SCHLUETER / AFP) (Photo by JENS SCHLUETER/AFP via Getty Images)

An employee of the Volkswagen (VW) plant in Zwickau holds up a clock set at five to twelve symbolizing "it is time" while demonstrating on the factory premises during an information event organised by the Works Council of Volkswagen Saxony in Zwickau, eastern Germany, on October 28, 2024. Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said October 28, 2024, calling the proposed cuts "of historic dimensions". The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by JENS SCHLUETER / AFP) (Photo by JENS SCHLUETER/AFP via Getty Images)

Employees of the Volkswagen plant in Zwickau demonstrate with flags of metalworkers' union IG-Metall (L) and a placard representing a red clenched fist on the factory premises during an information event organised by the Works Council of Volkswagen Saxony in Zwickau, eastern Germany, on October 28, 2024. Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said October 28, 2024, calling the proposed cuts "of historic dimensions". The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by JENS SCHLUETER / AFP) (Photo by JENS SCHLUETER/AFP via Getty Images)

Aerial view taken on October 28, 2024 shows the plant of German car maker Volkswagen (VW) in Zwickau, eastern Germany. Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said on October 28, 2024, calling the proposed cuts "of historic dimensions". The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff, the company's powerful works council said in an update to staff. (Photo by AFP) (Photo by STR/AFP via Getty Images)