Germany's top industrial union IG Metall threatened an escalation in its ‌dispute with Volkswagen over German job cuts on Wednesday, after the carmaker said it plans to terminate a number of wage agreements, according to a union statement.

German premium carmaker BMW will set out plans for more local production as it seeks to rebuild margins after a series of profit warnings tied to weak performance in China, Bernstein analysts said on Wednesday.

China's Gotion will invest €1.1 billion ($1.25 billion) in Volkswagen's battery plant in Valencia under a ‌broader plan to jointly develop a European battery supply chain.