Reported 23 days ago
Volkswagen's CEO Oliver Blume highlighted the necessity of a cost-cutting program to address 'decades of structural problems' due to weak market demand in Europe and declining earnings in China. The company plans to shut down several factories and lay off thousands, amid rising operational costs in Germany, to maintain competitiveness. Blume stated that significant reductions in costs are imperative for the future of the carmaker.
Source: YAHOO