Volkswagen says cost cuts are urgently needed as its earnings decline sharply

BERLIN (AP) — Volkswagen says significant cost cuts are urgently needed as it reports a steep decline in third-quarter earnings and faces employee representatives angry at the possibility of the automaker’s first plant closures in Germany. The company on Wednesday reported a 64% decline in net earnings for the July-September period compared with a year earlier. The figures came two days after the head of Volkswagen’s works council said management had informed employee representatives that it wants to close at least three plants in Germany. The company hasn’t publicly detailed its plans.