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Industry: Email Alert RSS FeedHigh costs limit future VW profits.(Volkswagen AG)
Automotive News Europe, March, 2004 by Weernink, Wim Oude
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Byline: Wim Oude Weernink
Volkswagen group's latest [euro]2 billion cost-cutting program is under attack by critics as too small and not directed at VW's most glaring problems.
The VW ForMotion cost-reduction program, announced by CEO Bernd Pischetsrieder at VW's annual meeting this month, follows an earlier [euro]2 billion effort. It includes eliminating 5,000 jobs by 2005, reducing production costs by [euro]800 million this year and another [euro]800 million next year and lowering capital spending from 8 percent of revenue to 7 percent of revenue.
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"We must be able ...
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