Volkswagen's supervisory board on Friday condemned remarks made by the comp...
FRANKFURT - Volkswagen’s supervisory board on Friday condemned remarks made by the company’s chief executive after he appeared to allude to a Nazi-era slogan when he attempted to describe the carmaker’s earnings potential.
Herbert Diess this week said “EBIT macht Frei” before apologizing for the comments and explaining he in no way wanted to draw a comparison to the Nazi-era slogan “Arbeit Macht Frei”, which appeared on the gates of Auschwitz during the Holocaust.“Experience at Volkswagen shows that brands with higher margins normally have greater freedom of choice within the Group. My statement referred to this fact,” Diess, who made the remark at an internal meeting for employees, has said.
Analysts at Bernstein said management change at Volkswagen had become a significant risk following the supervisory board’s statement.
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