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.

BMW set out a restructuring plan on Wednesday centred on ‌AI, management cuts and two new model launches as the German luxury automaker seeks to restore investor confidence after a string of profit warnings and a deep slump in its share price.

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.