Volkswagen Reaches Deal on Staff Reductions to Help Flagship Brand Contribute $4.37 Billion in 2024
19 Dezembro 2023 - 12:01PM
Dow Jones News
By David Sachs
Volkswagen has reached a deal with workers on job cuts that will
help the flagship brand contribute up to 4 billion euros ($4.37
billion) to the group next year.
The German carmaker said that it aims to cut administrative
staff costs at the Volkswagen brand by 20% as part of its
cost-savings measures meant to save the group EUR10 billion. The
move should help the Volkswagen brand reach its 6.5% profitability
target by 2026.
The brand will maintain the current hiring freeze, it said.
Other measures include cuts to development times and procurement
improvements, the company said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
December 19, 2023 09:46 ET (14:46 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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