Crisis-hit VW mulls closing at least three German plants [Video]

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 Monday, 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.

Bosses also want to downsize remaining plants and move “entire departments” abroad or outsource them completely, the statement added as thousands of workers assembled for meetings at the company’s plants nationwide.

There was no immediate comment from Volkswagen bosses, with a spokesman citing the “confidential” nature of the talks …