BERLIN/FRANKFURT ¨C Volkswagen boss Oliver Blume, already battling slowing demand for electric cars and Chinese rivals, must now put aside his mantle as team player to tackle yet another tough opponent: Germany¡¯s powerful labor unions.
The pressure on Europe¡¯s top carmaker was laid bare this week when Volkswagen disclosed it was not only planning to scrap a 30-year old job security plan, but weighing the closure of plants in Germany.
Moritz Kronenberger, portfolio manager at Volkswagen shareholder Union Investment, dubs these the company¡¯s ¡°two holy cows.¡±
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