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Volkswagen To Cut Several Billions Of Dollars In Costs
Volkswagen aims to reduce costs by around €60 billion with a new cost-cutting program, significantly more than previously anticipated. Business magazine Manager Magazin reports this, citing sources. The goal is to reduce costs by 20 percent by 2028.
The reason for the intervention is disappointing sales in China and the US import tariffs. As a result, previous cost-cutting measures are insufficient. According to the business magazine, factory closures are not ruled out, nor are further job cuts on top of the 35,000 jobs already announced. A VW spokesperson declined to comment on the matter, citing the cost-cutting programs already underway at all brands.
VW CEO Oliver Blume will provide an interim update on the situation during the annual press conference on March 10. Works council chair Daniela Cavallo emphasized that factory closures and forced layoffs are “explicitly excluded” in a deal reached with management.
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