CEO says VW cost cutting necessary after ‘structural problems,’ Reuters reports
The Fly

CEO says VW cost cutting necessary after ‘structural problems,’ Reuters reports

Volkswagen’s (VWAGY) planned cost-cutting program was unavoidable in order to remedy “decades of structural problems” at the German carmaker, CEO Oliver Blume said in an interview published on Sunday, Reuters reports. “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 Sonntage.

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