Volkswagen plans to cut spending across all brands by 20% by the end of 2028

The management of the German automobile corporation Volkswagen Group (VG) has announced a large-scale savings plan that will be implemented in the coming years. This was reported on February 16 by the business magazine Manager Magazin.

It is noted that the company that left the Russian market includes such brands as Volkswagen, Audi, SEAT, Škoda, Bentley, Bugatti, Lamborghini, Porsche, Scania, MAN and Navistar, as well as motorcycle manufacturer Ducati.

VG CEO Oliver Blume and Chief Financial Officer Arnaud Antlitz presented an optimization plan that calls for a 20% cost reduction across all brands by the end of 2028. The move was announced at a closed-door meeting with top managers in mid-January, according to the publication.

According to the management of the concern, cost reductions will help adapt to increasing competition from Chinese manufacturers, weak demand for cars in China and increased duties from the United States. According to the magazine, the detailed plan will be presented at a press conference to be held after the publication of the annual report on March 10.

The news is being updated