Why Volkswagen (VLKAY) Stock Closed Lower Today

NEW YORK (TheStreet) -- Shares of Volkswagen (VLKAY)  closed down 0.59% to $45.15 after the company's global works council said it's backing renewed efforts by the United Auto Workers in the U.S. to represent workers at the automaker's Tennessee plant, Reuters reports.

The UAW lost an organizing vote in February at the Chattanooga plant, but it said last month it had nearly enough members in its newly formed local for the automaker to recognize it as exclusive bargaining agent for the plant, Reuters said.

VLKAY Chart VLKAY data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE

 

If you liked this article you might like

Volkswagen Tiguan Named Top Compact SUV Under $35,000

European Stocks Book Early Gains as U.S. Dollar Strengthens Ahead of Fed Meeting

VW, China JV to Recall 4.86 Million Vehicles with Potentially Faulty Airbags

European Stocks Called Lower; Pound Eases Ahead of BoE Rate Meeting

Ferrari Wasn't the Start of the Frankfurt Auto Show With This Cheap Supercar