<ul><li>Volkswagen (VW) has reached a landmark agreement with union representatives, avoiding immediate layoffs or site closures.</li><li>The agreement includes measures to cut costs, streamline production, and secure long-term competitiveness.</li><li>Over 35,000 job cuts are planned over the next decade, representing a quarter of VW's workforce.</li><li>The deal comes amidst challenges from cheaper Chinese rivals and slow adoption of electric vehicles in Europe.</li></ul>

Volkswagen’s “Christmas Miracle” Deal: Sweeping Changes to Secure Future Amid Challenges

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