March 24, 2020 / 6:13 PM / 7 days ago

VW to cut worker hours, support dealers in Germany

FRANKFURT, March 24 (Reuters) - The German carmaker Volkswagen said on Tuesday it would put around 80,000 employees on short-time working because of the fallout of the coronavirus epidemic, and also support its German dealership network with additional liquidity.

A spokesman for the company said the reduced hours would be introduced in factories in Lower Saxony, Hessen and Saxony until April 3.

Volkswagen’s trucks division MAN, as well as its luxury Audi und Porsche brands, have also applied to introduce short-time working to save costs at a time when production is being scaled back in Europe.

Volkswagen said it had also offered to push out repayment dates, extend credit allowances and make interest rate payments more favourable for its German dealers.

Reporting by Jan Schwartz and Edward Taylor; Editing by Kevin Liffey

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