Reported about 15 hours ago
Volkswagen board members are increasingly worried that the major cost cuts agreed upon with unions last year will not be sufficient to revitalize the struggling core brand, according to Handelsblatt. The company anticipates that more savings measures will be necessary, and it has shifted its profitability target, aiming for a 6.5% margin in three to four years instead of by the end of next year. Recent negotiations averted mass strikes by agreeing to cut over 35,000 jobs in response to weak demand and competition from cheaper Chinese manufacturers.
Source: YAHOO