Volkswagen targets 20% cost cuts by 2028
Photo: Reuters
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.
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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.
By Aysel Mammadzada
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