Today's Edition
BERLIN (Reuters)
Concerns are growing among Volkswagen's board members that sweeping cuts agreed with unions late last year will not be enough to turn around the struggling carmaker's core brand, the Handelsblatt business daily reported on Thursday.
The expectation is that further cost-saving measures will be needed beyond the agreed job cuts, the report said, citing sources familiar with the matter.
Handelsblatt also reported that the company would push back its profitability target, aiming for a 6.5% margin in three to four years rather than by the end of next year.
In December, Europe's top carmaker averted mass strikes with a deal to cut more than 35,000 future job cuts. It was seeking to regain ground from cheaper Chinese rivals amid weak demand in Europe and a slower-than-expected adoption of electric vehicles.
