Volkswagen passenger cars brand struggles to hit cost-cutting goal, says Handelsblatt
)'s passenger cars brand is struggling to meet its 10 billion euro cost-cutting target, undermined by issues including low sales and missing parts, German business paper Handelsblatt reported on Wednesday.The brand was 2-3 billion euros short of its savings goal for this year, two sources who declined to be named told Handelsblatt.
Measures it listed to achieve that target included reducing administrative costs at its namesake brand by a fifth, saving a billion euros by 2028 by reducing product development cycles to three years from 50 months, cutting production times and scrapping a planned new 800-million-euro R&D site in its home city of Wolfsburg.Chief Financial Officer Arno Antlitz said at the carmaker's results conference in August that some measures would require time to take effect.
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