Volkswagen's chief executive welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories, but the car giant's shares fell heavily on Monday.

The automaker agreed to keep all 10 of its factories in Germany open and to guarantee workers’ jobs until the end of 2030.

Volkswagen strikes end with deal preventing compulsory redundancies and plant closures but company remains set on streamlining.

Former Volkswagen Group chief executive Martin Winterkorn has accused the judge leading a criminal trial into the 77-year-old's alleged role in the diesel emissions scandal of bias, dpa learnt on Monday.

Volkswagen on Friday said it had agreed with unions to cut more than 35,000 jobs at its German sites by 2030 in a socially responsible manner, which would help achieve more than 15 billion euros ($15.

Volkswagen has reached a deal with the IG Metall trade union which will avert plant closures in Germany and avoid immediate compulsory redundancies. The two sides have, however, agreed to cut more than 35,000 jobs across the country in a "socially responsible manner" by 2030, in order to save some €15bn (£12.4bn).

Volkswagen's employee representatives said Friday they have reached a wage deal that wards off management proposals for plant closings in Germany and bars involuntary layoffs through 2030. Union and employee representatives were slated to hold simultaneous news conferences Friday to spell out details of the agreement reached after almost 60 hours of negotiations this week as the two sides pressed to reach a deal before the Christmas holidays.

VW and labor unions agreed on job cuts, capacity reductions, and production shifts to maintain German factories while tackling declining demand for electric vehicles.

Volkswagen will be cutting 35,000 jobs across its German locations by 2030, with the aim of saving 1.5 billion euros (RM7.03 billion) annually in labour costs through the Zukunft Volkswagen (translated as Future Volkswagen) agreement,

Crisis-hit auto giant Volkswagen said Friday it planned to cut 35,000 jobs by 2030 in Germany after reaching an agreement with unions on a drastic cost-cutting plan.

Volkswagen announced sweeping changes to its German operations, including more than 35,000 future job cuts and capacity reductions in a last-gasp deal between Europe's top carmaker and unions on Friday to avert mass strikes.