VW seeks unprecedented factory closures as auto crisis deepens

Volkswagen AG plans to close at least three factories, cut thousands of jobs and cut wages for tens of thousands of German workers as Europe's biggest automaker tries to halt its slide.

The proposals to turn around the troubled VW brand represent unprecedented cuts and underline the extent of the crisis at Volkswagen. The German manufacturer has never closed a factory in its home country, and a plan to cut salaries by 10% could affect about 140,000 workers there.