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.
Samsung vows a comeback with bold M&A plans as shareholder pressure mounts. Admitting missteps in AI and chip tech, executives pledge a turnaround by 2025. With a $7.2B buyback and a push for acquisitions, the tech giant aims to reclaim its lost edge.
Foxconn predicts AI server revenue will surpass iPhone revenue within two years, possibly as soon as this year. As a key Nvidia supplier, Foxconn is capitalizing on booming AI demand, with AI servers set to make up over half of its total server revenue in 2024.
Apple’s iPhone, along with other foreign-branded smartphones, saw a sharp 21% decline in shipments in China this January. Economic shifts and rising competition from local brands are reshaping the market, putting pressure on international players like Apple.
Reliance Jio will offer free IPL streaming to users recharging with ₹299 or more. The matches can be streamed on the new JioHotstar platform. The plan also includes a 50-day trial of Jio's broadband services, aiming to boost home internet dominance.
Gold remains stable after hitting a record high, fueled by economic concerns and geopolitical tensions. Investors await Fed updates.
Nepal's government investigates violence during a rally by former king's supporters, resulting in two deaths and over 100 injuries. The protest in Kathmandu led to vandalism and clashes with security forces.
The "Colonialism: Erasure of Religious and National Identity" conference in Baku gathers leaders of independence movements and political prisoners' families to discuss the suppression of identity under colonial rule, global anti-colonial movements, and reparations.
Airbus UK wins a £150 million-contract to engineer landing platform that will safely deliver the first European rover on Mars. First British-built rover will explore the red planet in 2030 for signs of present and past life on Mars.
A powerful 7.7-magnitude earthquake struck Myanmar’s Sagaing region, followed by a 6.4-magnitude tremor, killing more than 1,002 people and leaving 2,300 injured. The quake caused building collapses in Myanmar and Thailand, prompting emergency declarations and ongoing rescue efforts.
The International Monetary Fund (IMF) Executive Board has completed the Seventh Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about $0.4 billion, which will be allocated for budget support.
Royal Australian Air Force (RAAF) pilots, monitoring a Chinese navy warship as it navigated Australian waters, were alerted to a live-fire exercise via a civilian radio broadcast, defense officials revealed on Tuesday.
As the world shifts toward clean energy at an ever-accelerating pace, large economies are scrambling to secure reliable supply chains for rare earth minerals. These minerals, once seen as mere industrial components, have become a political tool in the global power struggle
Russian forces carried out a drone attack on Ukraine’s second-largest city, Kharkiv, late Wednesday, injuring at least twenty one people and causing structural damage, according to Ukrainian officials.
A powerful 7.7-magnitude earthquake struck Myanmar’s Sagaing region, followed by a 6.4-magnitude tremor, killing more than 1,002 people and leaving 2,300 injured. The quake caused building collapses in Myanmar and Thailand, prompting emergency declarations and ongoing rescue efforts.
A devastating overnight drone attack on Kyiv, attributed to Russian forces, resulted in the deaths of three people, including a five-year-old child, and left ten others injured.
The International Monetary Fund (IMF) Executive Board has completed the Seventh Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about $0.4 billion, which will be allocated for budget support.
Elon Musk’s xAI has acquired his social media platform X in a $33 billion all-stock deal.
Popular coffee brands are negotiating price hikes with retailers due to a sharp rise in arabica costs, with some supermarket shelves running out of stock. Prices may increase by up to 25% as companies grapple with supply chain pressures.
Zhang Yiming, the founder of Bytedance and owner of TikTok, has become China’s richest person, according to multiple wealth rankings. Bloomberg Billionaires Index places him as the world’s 24th wealthiest individual, with his fortune estimated between $57.5 billion and $65.5 billion.
Canada has suspended Tesla rebate payments and barred the automaker from future EV incentives due to U.S. tariffs. Transport Minister Chrystia Freeland said the freeze will remain until claims are individually reviewed.
Nepal's government investigates violence during a rally by former king's supporters, resulting in two deaths and over 100 injuries. The protest in Kathmandu led to vandalism and clashes with security forces.
The "Colonialism: Erasure of Religious and National Identity" conference in Baku gathers leaders of independence movements and political prisoners' families to discuss the suppression of identity under colonial rule, global anti-colonial movements, and reparations.
Airbus UK wins a £150 million-contract to engineer landing platform that will safely deliver the first European rover on Mars. First British-built rover will explore the red planet in 2030 for signs of present and past life on Mars.
A powerful 7.7-magnitude earthquake struck Myanmar’s Sagaing region, followed by a 6.4-magnitude tremor, killing more than 1,002 people and leaving 2,300 injured. The quake caused building collapses in Myanmar and Thailand, prompting emergency declarations and ongoing rescue efforts.
The International Monetary Fund (IMF) Executive Board has completed the Seventh Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about $0.4 billion, which will be allocated for budget support.
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