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German Volkswagen: core brand Volkswagen "no longer competitive"

2024-02-28 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)12/24 Report--

On Monday, Volkswagen executives warned that the company's original brand was "no longer competitive" because of high costs and low productivity.

"our Volkswagen brand is no longer competitive because of many of our pre-existing inherent structures, processes and high costs," Thomas Thomas Schaefer told employees at a meeting at Wolfsburg headquarters in Germany, according to a post on the company's internal website.

A Volkswagen spokesman said the company has been working to improve the financial performance of the Volkswagen brand. The parent company, Volkswagen Group, is moving towards producing more electric cars, a process that is particularly important.

Tuyuan Pexels Volkswagen brand was born in 1937. Volkswagen Group also has Porsche, Audi and other car brands.

Volkswagen Group's mainstream brands are Volkswagen, Czechoslovakia and Seattle, Spain, according to a company briefing. By far, Volkswagen has the highest sales of cars, but has the lowest operating profit margin in the first three months of this year.

According to an investor briefing, Volkswagen hopes to increase the return on sales of the Volkswagen brand to 6.5% by 2026, up from 3.6% last year.

Volkswagen said in a public speech that it was working to improve the performance of all its mainstream brands, including increasing differences between brands and cutting unnecessary spending.

At a meeting on Monday, Gunnar Killian, a member of Volkswagen's human resources committee, said: "in the end, we need to be honest and brave enough to get rid of things that are repeated within the company and burdens that will not lead to good results."

Volkswagen, one of the world's largest carmakers, is in talks with the company's labor committee on a plan to cut the cost of the Volkswagen brand, the first step in the group's transition to electric vehicles.

Volkswagen executives also told employees on Monday that the company's 10 billion euros ($10.9 billion) savings plan would include layoffs and other measures.

Volkswagen has previously said it plans to use the "population curve" to reduce the workforce. Killian explained that this mainly reached agreements with some employees on semi-retirement or early retirement.

Killian added that most of the 10 billion euro savings were achieved through measures other than layoffs, and that full implementation details would be determined by the end of the year.

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