Volkswagen's (VWAGY.US) second round of wage negotiations will start on October 30.

Second round of collective bargaining between Volkswagen (VWAGY.US) and Germany's largest union IG Metall will take place on October 30 in Wolfsburg, where the carmaker's headquarters is located.

According to the sources, the European largest carmaker's last wage negotiation failed to reach an agreement, and the union threatened to strike from December. The company implied it might close its plants in Germany.

Thorsten Groeger, a negotiator for IG Metall, said in a statement: "Since the first negotiation, the management board has had enough time to prepare." He added that more than 3,000 workers were ready to take action.

IG Metall wants Volkswagen to present a ten-year plan to ensure jobs and production capacity utilization at the factories.

During the last negotiation, Volkswagen rejected IG Metall's demand for a 7% wage increase and 170 euros basic wage for apprentices and students.

Arne Meiswinkel, chief negotiator for Volkswagen, said after the first round of negotiation: "Only when we achieve sustainable cost savings can we invest in new technologies and secure jobs in the long term."