After 70 hours of marathon negotiations, Volkswagen (VWAGY, VWAPY) and the German union representing one-third of the carmaker’s workforce have come to an agreement that will avert a work stoppage. The deal between Germany’s largest employer and the powerful IG Metall union would save Volkswagen (VWAGY,

Volkswagen and IG Metall leaders are racing against the clock to secure a deal before Christmas Day to avoid massive strikes.

IG Metall and Volkswagen have reached an agreement to avoid any plant closures and reinstate a job security assurance effective until the end of 2030. This deal ensures the protection of jobs, providing stability to workers and underscoring collaboration between the union and the automaker.