Embattled German car giant Volkswagen is said to be planning to slash costs by 20% across all brands by the end of 2028, Manager Magazin reported on Monday.
According to information obtained by the magazine, CEO Oliver Blume and finance chief Arno Antlitz have presented a "massive" savings plan at a closed-door meeting with the company's top executives in Berlin in mid-January.
The group's cost-cutting initiative is aimed at ensuring returns go back to a sustainable level amid a slump in China, U.S. tariffs, and a competitive environment, the magazine said.
Where exactly the savings are to be made and where cooperation between the brands is to be improved remained unclear at the meeting, the magazine said, but plant closures could also be on the table.
VW did not immediately reply to a Reuters request for comment.
