Volkswagen braces for boardroom showdown over historic cost-cutting plan

Volkswagen is bracing for a high-stakes boardroom showdown following reports that the embattled auto giant is weighing up shutting four German factories and implementing as many as 100,000 job cuts. The mass layoff plan, which would represent the most radical overhaul in the firm's nearly 90-year history, is staunchly opposed by German lawmakers and powerful labor unions. The standoff has laid the groundwork for what is shaping up to be this year's most anticipated corporate event in German industry, when Volkswagen's management will seek to win the approval of the firm's supervisory board on July 9. The supervisory board will be required to sign off on the cost-cutting exercise, according to the Manager Magazin , which first reported news of the firm's restructuring plans on Friday. Auto analysts said Volkswagen's notoriously complex board structure means the company's management faces a bumpy road ahead.