After 70 hours of negotiations, the largest negotiation in Volkswagen's 87-year history has finally come to an end. Volkswagen Group has reportedly reached a restructuring agreement with its unions. It plans to reduce the production capacity of German factories by 734,000 vehicles by 2030 and eliminate 35,000 jobs through early retirement. It is expected to save 4 billion euros in operating costs every year. The restructuring plan shows that the Dresden plant will be closed in 2025: the production of the iconic Golf model will be transferred to Mexico. The production line of the headquarters factory in Wolfsburg has been reduced by half, but an electric vehicle production line will be added. Employees need to accept bonus adjustments and basic salaries remain unchanged. The European car market is experiencing a chill, with many car companies taking tightening measures. Sellamtis and other vehicle manufacturers and parts suppliers have successively announced layoff plans. The European Commission will launch a strategic dialogue on the "Future of the European Automotive Industry" in January 2025.