Volkswagen Owners Urge Urgent Action to Cut Costs, Fend Off China Rivals
Porsche SE says Volkswagen must cut costs faster and reduce excess capacity as the group faces weaker profits and a possible 50,000 more layoffs.
- On Thursday, Volkswagen's controlling families demanded faster management decisions and deeper cost cuts to ensure competitiveness, marking their clearest directive yet amid intensifying global rivalry.
- The German auto giant faces the most radical overhaul in its 89-year history, aiming to counter a profit slump, tariff costs, and intensifying competition from Chinese brands.
- Porsche SE reported a 14.5% drop in half-year earnings to $1.1 billion on Friday, as the holding company maintains 53.3% of Volkswagen's voting rights.
- Volkswagen CEO Oliver Blume's latest restructuring plan threatens up to 100,000 job cuts, facing resistance from labor representatives and the state of Lower Saxony.
- Board chairman Hans Dieter Poetsch warned the company is at a "historic crossroads," adding that "the longer decisions are delayed, the bigger the problems will become.
41 Articles
41 Articles
Volkswagen's largest shareholder, Porsche SE, has called on the German company to take immediate measures to respond to growing competition from Chinese automakers. The Porsche and Piëch families control Volkswagen through Porsche SE, which owns about 31.9% of the company's shares. Hans Dieter Pötsch, chairman of Porsche SE, said Volkswagen was at a "historic turning point" and that decisions made now would determine the company's future. He urg…
The company is the first shareholder of the German group of Wolfsburg, which provides cuts for 120,000 jobs
Volkswagen's US Comeback Plan Involves a Pickup Truck: TDS
The embattled automaker is making moves to restore business in the U.S., and one of them may bring the company's first truck in decades. The post Volkswagen’s US Comeback Plan Involves a Pickup Truck: TDS appeared first on The Drive.
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