Volkswagen to step up restructuring after profit warning — TimesLIVE
In Germany, Volkswagen will step up its transformation programme after the automaker reported one-off costs of €10 billion. TimesLIVE reports, citing Reuters.
Stepping up the programme
Volkswagen brand chief Thomas Schäfer said the company intends to significantly intensify its efficiency programme. He spoke at a meeting with employees at Volkswagen's headquarters in Wolfsburg, Lower Saxony.
According to Schäfer, the measures agreed in 2024 proved insufficient. He said the company has no time to delay and will once again significantly strengthen the efficiency programme.
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Discussions with employees
Volkswagen will discuss further steps with employee representatives. The brand chief's statement came amid nationwide protests by workers in Germany's automotive industry.
As the publication notes, the one-off costs of €10 billion are deepening a crisis that has triggered the largest restructuring in the group's history. Volkswagen is the world's second-largest automaker.
