UK markets close in 7 hours 51 minutes
  • FTSE 100

    7,540.47
    +4.41 (+0.06%)
     
  • FTSE 250

    20,374.72
    +38.31 (+0.19%)
     
  • AIM

    931.35
    -0.19 (-0.02%)
     
  • GBP/EUR

    1.1905
    +0.0016 (+0.14%)
     
  • GBP/USD

    1.2094
    -0.0000 (-0.00%)
     
  • BTC-GBP

    19,828.53
    -130.70 (-0.65%)
     
  • CMC Crypto 200

    573.18
    +1.26 (+0.22%)
     
  • S&P 500

    4,305.20
    +8.06 (+0.19%)
     
  • DOW

    34,152.01
    +239.61 (+0.71%)
     
  • CRUDE OIL

    86.93
    +0.40 (+0.46%)
     
  • GOLD FUTURES

    1,789.60
    -0.10 (-0.01%)
     
  • NIKKEI 225

    29,222.77
    +353.86 (+1.23%)
     
  • HANG SENG

    19,931.16
    +100.64 (+0.51%)
     
  • DAX

    13,914.52
    +4.40 (+0.03%)
     
  • CAC 40

    6,597.76
    +5.18 (+0.08%)
     

Brazil Volkswagen workers approve agreement for $193 million investment

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
Volkswagen's factory is seen in Sao Bernardo do Campo
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

SAO PAULO (Reuters) - Volkswagen Group workers at its Taubate plant, in the Brazilian state of Sao Paulo, approved on Wednesday an agreement allowing an investment of 1 billion reais ($192.97 million) for the production of a new model starting in 2025, the local metalworkers' union said in a statement.

The plant, which currently produces the Gol and Voyage models, employs around 3,200 workers and is starting a new production cycle after the implementation of Volkswagen's "MQB" modular design strategy.

The first car to be produced under the platform will be the Polo Track model, which will be launched next year, the union said.

Volkswagen did not immediately reply to requests to comment on the matter. The terms of the agreement were not disclosed by the union.

Last week, workers at Volkswagen's main Brazil plant in Great Sao Paulo's Sao Bernardo do Campo, accepted a wage decrease and a cut in working hours starting in July due to the lack of auto parts and electronic components.

($1 = 5.1822 reais)

(Reporting by Alberto Alerigi Jr.; Writing by Peter Frontini; Editing by Chris Reese)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting