Volkswagen Implements Cost-Cutting Measures for Staff and Development
Volkswagen and worker representatives have agreed on measures for a cost-cutting drive that aims to generate €10 billion ($11 billion) in gains by 2026, with up to €4 billion expected to take effect next year. The measures include speeding up development and production times, reducing staff costs, implementing a more efficient procurement strategy, and offering partial retirement for certain workers. The company may also offer selective termination agreements if necessary. Volkswagen aims to achieve a profit margin of 6.5% by 2026, up from 3.4% in the first nine months of this year.