Volkswagen boss Oliver Blume, already battling slowing demand for electric cars and Chinese rivals, must now put aside his mantle as team player to tackle yet another tough opponent: Germany's powerful labor unions.

The pressure on Europe's top carmaker was laid bare this week when Volkswagen disclosed it was not only planning to scrap a 30-year old job security plan, but weighing the closure of plants in Germany.

Moritz Kronenberger, portfolio manager at Volkswagen shareholder Union Investment, dubs these the company's "two holy cows."