Volkswagen plans to slash costs by 20% across all its brands by the end of 2028, according to a report published by Manager Magazin on Monday.
The German publication reported that CEO Oliver Blume and finance chief Arno Antlitz presented what was described as a "massive" savings plan during a closed-door meeting with the company’s top executives in Berlin in mid-January.
The cost-cutting initiative aims to restore sustainable return levels for the automaker, which has been facing challenges including a slump in China, U.S. tariffs, and an increasingly competitive market environment.
