Volkswagen CEO “Brand No Longer Competitive” As They Look To Save 10 Billion Euros

Thomas Schäfer, CEO of the car brand Volkswagen, reportedly said during a staff meeting that Volkswagen is no longer competitive in its current form. Reuters reports this on the basis of documents that it allegedly saw on Volkswagen’s intranet. Schäfer would point out, among other things, the ‘current corporate structures, processes, and high costs’ as the cause of this.

Volkswagen is currently preparing a plan for major cutbacks. The brand would like to save around 10 billion euros, including by allowing older employees to retire early in consultation. The majority of the savings should not be achieved by cutting the workforce. According to Reuters, more about this should be known later this year.

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