One of the world's most storied automakers has struck a painful bargain with its workforce, agreeing to shed 100,000 jobs and part with the Ducati motorcycle brand in order to preserve what it can of its industrial identity. Volkswagen's settlement with its unions this week is less a triumph than a controlled retreat — a recognition that the era of combustion-engine abundance is closing, and that the cost of transition must be borne by human beings before it is borne by balance sheets. The deal buys time, but time is not the same as salvation.
VW Averts Crisis With 100,000-Job Cut Plan, Ducati Sale
100,000 Volkswagen workers face job losses as part of the restructuring agreement.