VW CEO Oliver Blume
Performance program planned for the entire group.
(Photo: dpa)
The board of directors around VW boss Oliver Blume is preparing a far-reaching restructuring of Europe’s largest car manufacturer. The first step is to reduce costs. At the same time, the VW leadership also wants to reorganize the group structure, the Handelsblatt learned from group circles. A manager from the top level spoke of the “biggest restructuring in decades”.
The board of directors will deal with the issue on Tuesday. “We have to act, otherwise we will lose touch with the competition,” a top manager told the Handelsblatt. Blume’s team wants to present the key data to investors on June 21 at a capital market day.
The top management sees the greatest need for action at Audi and the core brand VW. The so-called “volume brand group” alone, which includes VW, Skoda and Seat, has to increase its earnings by around three billion euros every year. To this end, Blume wants to curb double development work and better utilize the German plants by merging brands in production.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
web and in our app.
Further