Volkswagen (VOWG_p.DE) is running behind schedule in defining key measures of a planned 10 billion euro ($10.5 billion) cost-cutting drive for its namesake brand, two people familiar with the matter said, as talks with powerful labour leaders drag on.
A technician attaches a Volkswagen logo to a car, at the production line for electric car models of the Volkswagen Group, in Zwickau, Germany, April 26, 2022. REUTERS/Matthias Rietschel/File Photois running behind schedule in defining key measures of a planned 10 billion euro cost-cutting drive for its namesake brand, two people familiar with the matter said, as talks with powerful labour leaders drag on.that the drive's measures, designed to help it meet a return-on-sales target of 6.
Volkswagen has said that cost-cutting plans would include focusing on fewer high-volume models as well as streamlining production of VW passenger cars, SEAT/CUPRA and Skoda. The company plans to implement similar cost-cutting drives, dubbed 'performance programmes', across all brands, with finance chief Arno AntlitzA Volkswagen brand spokesperson confirmed that talks began with workers in early October and that it would not comment further on the timeline or content of discussions.
Labour representatives, including the head of Volkswagen works council Daniela Cavallo, make up half of the company's supervisory board per German corporate governance law for large firms.
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