No plant closures, but VW Group manufacturing capacity will be cut by 730k across German plants and 35k jobs to go.

After 70 hours of marathon negotiations, Volkswagen (VWAGY, VWAPY) and the German union representing one-third of the carmaker’s workforce have come to an agreement that will avert a work stoppage. The deal between Germany’s largest employer and the powerful IG Metall union would save Volkswagen (VWAGY,

According to media reports, the collective bargaining parties “wrestled” for more than 70 hours over five days to reach an agreement. In fact, the whole thing was a set-up.