Volkswagen's opens new tab planned cost-cutting programme was unavoidable in order to remedy "decades of structural problems" at the German carmaker, CEO told
Volkswagen's opens new tab planned cost-cutting programme was unavoidable in order to remedy "decades of structural problems" at the German carmaker, CEO Oliver Blume said in an interview published on Sunday.
"The weak market demand in Europe and significantly lower earnings from China reveal decades of structural problems at VW," Blume told Sunday paper Bild am Sonntag.
The head of Volkswagen's works council said last Monday that the carmaker plans to shut at least three factories in Germany, lay off tens of thousands of staff and shrink its remaining plants in Europe's biggest economy as it plots a deeper-than-expected overhaul.
The carmaker has not confirmed those plans but on Wednesday it asked its workers to take a 10% pay cut, arguing it was the only way that Europe's biggest carmaker could save jobs and remain competitive.
Blume said the cost of operating in Germany was a major drag on Volkswagen's competitiveness, telling Bild am Sonntag that "our costs in Germany must be massively reduced."
There was no flexibility on the goals for cost-cutting, only on how they are to be achieved, he said.
Top U.S. banks are quietly preparing to enter the crypto market through cautious pilot programs and partnerships, as regulators offer clearer signals. While enthusiasm grows, most lenders remain hesitant, seeking more clarity on rules before committing heavily.
Tesla's sales in Europe plunged 49% in April, even as electric car demand surged, signaling growing trouble for the U.S. EV giant in a competitive and shifting market.
The bank's latest trading update has helped reassure analysts at Morgan Stanley, despite a disappointing first-half result in February.
Adidas and Puma are expected to raise prices in the U.S. after Nike increased footwear costs, as rising import tariffs push up expenses across the sportswear industry.
Shein says French consumers may face higher prices if the EU imposes handling fees and France enacts new penalties on fast fashion. The platform criticizes the lack of dialogue with authorities as pressure mounts on budget e-commerce models.
Moroccan firefighters are battling wildfires for a fourth straight day in the Houara Forest near Tangier, as high temperatures and strong winds complicate efforts to contain the flames.
French President Emmanuel Macron arrived in Singapore Thursday for the final stop of his Southeast Asia tour.
U.S. Treasury official Scott Bessent said several large trade deals are nearing completion and that a potential call between President Donald Trump and Chinese President Xi Jinping may be needed to resolve complex issues in ongoing talks.
White House economic adviser Kevin Hassett said Thursday he expects several trade agreements could be finalized within the next week or two.
Pakistan Prime Minister Shahbaz Sharif and Tajikistan President Emomali Rahmon met in Dushanbe to discuss deepening bilateral ties and regional issues.
AnewZ takes to the streets of Yerevan and Baku to ask a simple yet deeply complex question: How do you see peace between Armenia and Azerbaijan? In the first part of our special report, we hear the hopes, doubts, and scars still shaping people’s perspectives on both sides.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Kyiv faced a large-scale Russian drone and missile assault overnight, with explosions and gunfire echoing throughout the city, forcing residents to shelter in subway stations.
Azerbaijan's SOCAR, Kazakhstan's KazMunayGas, Uzbekistan's Uzbekneftegaz, and Russia's Tatneft have signed a landmark agreement to cooperate on decarbonization and sustainable development initiatives.
Tengizchevroil, a leading company in Kazakhstan, has officially announced the appointment of William Lacobie as its new General Director. He will assume the role on June 10, 2025.
China’s development centered on digital resources is gaining momentum under a new three-year plan aimed at boosting information use to support economic and social growth.
The European Commission is likely to give Bulgaria the green light on June 4 to adopt the euro currency from the start of 2026, several euro zone officials said, making Bulgaria the 21st country to join the single currency area.
OPEC+ is turning up the heat on U.S. shale producers in a renewed bid to reclaim market share, but early signs of slowdown suggest it will take more sustained pressure to truly shift the global oil balance.
Moroccan firefighters are battling wildfires for a fourth straight day in the Houara Forest near Tangier, as high temperatures and strong winds complicate efforts to contain the flames.
French President Emmanuel Macron arrived in Singapore Thursday for the final stop of his Southeast Asia tour.
U.S. Treasury official Scott Bessent said several large trade deals are nearing completion and that a potential call between President Donald Trump and Chinese President Xi Jinping may be needed to resolve complex issues in ongoing talks.
White House economic adviser Kevin Hassett said Thursday he expects several trade agreements could be finalized within the next week or two.
Pakistan Prime Minister Shahbaz Sharif and Tajikistan President Emomali Rahmon met in Dushanbe to discuss deepening bilateral ties and regional issues.
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