Volkswagen (VWAGY) is exploring a series of cost-cutting measures for its core brand, including a 10% wage cut and a two-year wage freeze, as it seeks to save EUR 4B, Handelsblatt newspaper reported on Sunday, citing company insiders, according to Reuters. The carmaker is under increasing pressure to reduce expenses amid a challenging economic climate. Workers, meanwhile, have criticized management for not presenting a clear future strategy, despite promises of a new plan in the works, the publication reports.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VWAGY:
- EU new car registrations down 6.1% in September
- Rivian Automotive price target lowered to $14 from $15 at RBC Capital
- Volkswagen price target lowered to EUR 102 from EUR 103 at RBC Capital
- Alibaba and Baidu to Invest in Horizon Robotics’ $700M IPO
- VW CEO says EU should consider adjusting China-made EV tariffs, Reuters reports