Volkswagen targets 20% cost cuts by 2028

Volkswagen is planning to cut costs by 20% across all of its brands by the end of 2028.

The publication said CEO Oliver Blume and finance chief Arno Antlitz presented a major savings strategy during a closed-door meeting with senior executives in Berlin in mid-January, News.Az reports, citing Reuters.

The cost-cutting drive is aimed at restoring sustainable profit levels as the automaker faces slowing demand in China, U.S. tariffs and rising global competition.

Details about where exactly the savings will be made remain unclear, but the report said factory closures could be considered as part of the broader restructuring plan.

News.Az 

By Aysel Mammadzada