Volkswagen plans to cut costs by 20% by end 2028, Manager Magazin reports

Core Viewpoint - Volkswagen plans to implement a cost-cutting initiative aimed at reducing expenses by 20% across all brands by the end of 2028, as reported by Manager Magazin [1]. Cost-Cutting Initiative - The savings plan was presented by CEO Oliver Blume and finance chief Arno Antlitz during a closed-door meeting with top executives in Berlin in mid-January [1]. - The initiative is designed to ensure that returns return to a sustainable level amid challenges such as a slump in China, U.S. tariffs, and a competitive market environment [1]. Areas of Focus - Specific details regarding where the savings will be made and how cooperation between brands will be improved were not disclosed during the meeting [1]. - Potential plant closures may be considered as part of the cost-cutting measures [1].