The big squeeze

摘要

Is only just beginning for Europe's carmakers. Just as General Motors has long been an icon of American business, so Volkswagen is a symbol of the German industrial economy. Unfortunately, the comparisons do not stop there. Late last year, gm announced big job cuts. On February 10th it was vw's turn. The company announced that over the next three years it will cut up to 20,000 jobs from its western German workforce of 103,000, as well as demanding longer hours from its workers for no extra pay-an announcement that was greeted with a 15% rise in the company's share price.