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.
After nearly six decades at the helm, Warren Buffett says he will step down as CEO of Berkshire Hathaway, naming Greg Abel as his successor.
A new business partnership between the European Union and Ukraine has been launched in Brussels where the EU-Ukraine Business Summit took place from April 10 to 11.
Wikimedia Foundation has appealed an Indian court ruling that ordered the removal of allegedly defamatory content about ANI. This follows ANI's lawsuit over a Wikipedia description labelling it a "government propaganda tool", highlighting tensions in content regulation.
Global stock markets plummeted on Monday as tariff fears triggered panic among investors. With uncertainty over U.S. trade policies, futures markets priced in multiple interest rate cuts, heightening recession concerns. Major global indices saw sharp losses, while safe-haven assets surged.
Tesco is set to respond to Asda’s price-cutting strategy as it reports full-year results. While Asda aims to reclaim market share with lower prices, analysts question its sustainability. Tesco, with a strong balance sheet, expects steady growth despite rising costs.
Pakistan has reportedly downed an Indian Rafale fighter jet, along with other Indian military aircraft, using Chinese-made PL-15 missiles. The incident occurred amid rising tensions between the two nations, marking a notable development in the ongoing conflict.
Azerbaijan and Vietnam formalized a strategic partnership as President Ilham Aliyev and Communist Party leader To Lam signed key agreements in Baku.
Azerbaijani Foreign Minister Jeyhun Bayramov held talks with Iraqi President Abdul Latif Rashid during his official visit to Baghdad, focusing on expanding bilateral cooperation across various sectors.
Ford is raising prices on three of its Mexico-made models starting May 2, becoming one of the first major automakers to react to U.S. President Donald Trump's steep auto tariffs, which are reshaping industry costs and consumer prices.
Türkiye and the United Kingdom have agreed to begin the first round of negotiations by the end of July to modernize and expand their Free Trade Agreement, aiming to boost economic ties and reflect evolving trade priorities.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
ChatGPT has rapidly emerged as one of the most influential artificial intelligence tools, transforming how we interact with technology through natural language.
Discover every major VE Day 80 event in Britain, 5‑8 May 2025—from London’s parade and fly‑past to street parties, concerts and museum exhibitions.
New Tesla registrations in Denmark collapsed 67 % in April to 180 vehicles, industry data showed Thursday, underscoring a sharp demand drop for the EV maker in one of its once-strong European markets.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
Ford is raising prices on three of its Mexico-made models starting May 2, becoming one of the first major automakers to react to U.S. President Donald Trump's steep auto tariffs, which are reshaping industry costs and consumer prices.
As European NATO countries rush to strengthen their armed forces, large pension bills threaten to divert funds from urgently needed military hardware.
The European Commission has presented a roadmap to ensure the EU fully ends its dependency on Russian energy, while ensuring stable energy supplies and prices across the EU.
Uber said it would buy a majority 85% stake in Turkish food and grocery delivery platform Trendyol Go for $700 million, as the ride-hailing giant looks to tap new growth markets amid signs of saturation in its mainstay North American business.
Global debt rose by around $7.5 trillion in the first three months of the year to hit a record high of over $324 trillion, data from a banking trade group showed on Tuesday.
Pakistan has reportedly downed an Indian Rafale fighter jet, along with other Indian military aircraft, using Chinese-made PL-15 missiles. The incident occurred amid rising tensions between the two nations, marking a notable development in the ongoing conflict.
Azerbaijan and Vietnam formalized a strategic partnership as President Ilham Aliyev and Communist Party leader To Lam signed key agreements in Baku.
Azerbaijani Foreign Minister Jeyhun Bayramov held talks with Iraqi President Abdul Latif Rashid during his official visit to Baghdad, focusing on expanding bilateral cooperation across various sectors.
Ford is raising prices on three of its Mexico-made models starting May 2, becoming one of the first major automakers to react to U.S. President Donald Trump's steep auto tariffs, which are reshaping industry costs and consumer prices.
Türkiye and the United Kingdom have agreed to begin the first round of negotiations by the end of July to modernize and expand their Free Trade Agreement, aiming to boost economic ties and reflect evolving trade priorities.
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