Volkswagen's stakeholders must work together on solutions for the auto group in order to shield industry in its home state, the state premier of Lower Saxony said on Monday, as the company tries to avoid plant closures.
Volkswagen employees have criticised what they called the management board's "disastrous external communication" as Europe's largest automaker considers further cost cuts, according to an internal works council article seen by Reuters on Monday.
Volkswagen CEO Oliver Blume said the German carmaker's overhead costs remain over 30% higher than those of comparable firms and that it must reduce that disadvantage to stay competitive, according to an internal company interview.
Volkswagen expects to sign a deal with a local partner in India this year, the CEO of its Skoda brand, Klaus Zellmer, said, as the German group struggles to build scale in the world's third-largest car market.
The pan-European Stoxx 600 index has proved resilient this year so far. BNP Paribas believes Europe is more likely to be an AI beneficiary rather than a developer.
German auto group Volkswagen plans to overhaul its U.S. strategy with new management and a revised product offering, including a new pickup truck, a company source told Reuters on Friday.
Volkswagen's top investor on Friday called on the auto giant to take immediate action to fend off intensifying competition from Chinese car brands. "The decisions that Volkswagen makes now will determine its future," said Hans Dieter Pötsch, chairman of the board of management of Porsche SE.