GERMANY: Volkswagen considers sale of wiring harness joint venture
Volkswagen is in discussions with Sumitomo Electric Industries to sell its 50% stake in Volkswagen Bordnetze, according to Reuters.
Volkswagen Bordnetze is a joint venture with Siemens, which produces wiring harnesses exclusively for Volkswagen.
Volkswagen said in early February that it was planning to reorganise its components operations, which for the most part only supply Volkswagen Group companies. This would go some way towards losing the 20,000 jobs that Volkswagen plans to cut over the next three years.