Volkswagen says cost cuts are urgently needed as its earnings decline sharply

Volkswagen said significant cost cuts are urgently needed as it reported a steep decline in third-quarter earnings on Wednesday and faced employee representatives angry at the possibility of the automaker's first plant closures in Germany. The figures came two days after the head of Volkswagen's works council said management had informed employee representatives that it wants to close at least three plants in Germany. Volkswagen said in early September that auto industry headwinds mean it can’t rule out plant closures in its home country, and must drop a job protection pledge in force since 1994 that would have barred layoffs through 2029.