HANOVER—Volkswagen on Friday announced sweeping changes to its German operations, including more than 35,000 future job cuts and sharp capacity reductions in a last-gasp deal between Europe’s top carmaker and unions to avert mass strikes.
Union leaders hailed the agreement as a “Christmas miracle” after 70 hours of grueling negotiations, the longest in the company’s 87-year history. There would be no immediate site closures or layoffs, and VW appeared to have backed away from demanding 10 percent wage cuts.
