- Volkswagen AG’s VWAGY workers in the Mexico factory are set to hold a new contract vote after rejecting the initial agreement with the management of a 9% raise, Reuters reported.
- The initial deal between the company and its Independent Union of Automotive Workers (SITIAVW) failed to gain the approval of its workers.
- The report noted that the deal, if approved, would have been the biggest automaker raise in Mexico in recent years, covering about 7,000 people in the state of Puebla.
- SITIAVW initially asked for a 15% raise due to surging inflation and settled on a 9% hike.
- Mexico's Federal Center for Labor Conciliation and Registration has called for a fresh voting process with a higher turnout.
- Price Action: VWAGY shares closed lower by 1.24% at $20.13 on Monday.
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