VW Tells Workers to Brace for Job Cuts in Savings Push
- VW brand’s chief Schäfer flags high costs and low productivity
- German carmaker is preparing a program to lift returns
CEO Oliver Blume wants VW to deliver a sustained gain in earnings of about €10 billion ($10.9 billion) by 2026.
Photographer: Tuane Fernandes/BloombergThis article is for subscribers only.
Volkswagen AG signaled it’s willing to push for staff reductions at its namesake brand to reduce expenses and improve profitability.
Next year will be difficult for VW because of intense pressure in several markets and below-expectation orders for its electric vehicles, brand chief Thomas Schäfer said Monday.