Reported about 13 hours ago
Volkswagen's CEO, Thomas Schaefer, stated that the company must implement layoffs and close plants to achieve a target of cutting 4 billion euros in costs. With ongoing tensions between management and unions, which are threatening strikes, Schaefer emphasized that maintaining overcapacity would lead to severe long-term consequences. He mentioned that most job reductions could occur through normal attrition and early retirement, but further, more immediate actions would be necessary. Schaefer also pointed out the disparity in labor costs compared to competitors and highlighted the company's urgent need to restructure within the next few years to remain competitive.
Source: YAHOO