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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.
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36 Articles
36 Articles
The company is the first shareholder of the German group of Wolfsburg, which provides cuts for 120,000 jobs
·Turin, Italy
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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.
·Miami, United States
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Volkswagen's Biggest Shareholders Sound The Alarm Over Chinese Competition. They Seek a Dramatic Restructuring
Volkswagen has already confirmed it is evaluating plans to eliminate up to 100,000 jobs, double the number previously discussed, as part of an effort to restore competitiveness after a sharp earnings decline.
·New York, United States
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Total News Sources36
Leaning Left4Leaning Right8Center13Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
L 16%
C 52%
R 32%
Factuality
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