<\/p>\n
Volkswagen AG\u2019s majority owner urged Europe\u2019s biggest carmaker to move quickly on cutting costs and excess capacity to return to competitiveness.<\/p>\n
Volkswagen should consider \u201cevery option\u201d to usher in a turnaround, Porsche Automobil Holding SE said Friday. The holding company controlled by the Porsche-Pi\u00ebch owner family added that it fully backs the VW management\u2019s proposals, which include cutting tens of thousands of jobs.<\/p>\n
Hans Dieter P\u00f6tsch. Image: Bloomberg\u00a0<\/p>\n
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Volkswagen \u201cis at a historic crossroads,\u201d Porsche SE chair Hans Dieter P\u00f6tsch, who also heads VW\u2019s supervisory board, said in a statement. \u201cThe longer decisions are delayed, the bigger the problems will become.\u201d<\/p>\n
Volkswagen Chief Executive Officer Oliver Blume is trying to make the automaker faster and leaner after years of software delays, bloated costs and declining profitability. But his room to manoeuvrer has narrowed after the supervisory board, where unions have powerful sway, last month pushed back against plans to shutter four German factories and axe as many as 100 000 jobs.<\/p>\n
Read:
Auto strike will set a precedent for industrial policy \u2013 union
VW CEO to face disgruntled workers in push for additional cuts
VW\u2019s powerful works council pushes back on job cut plan<\/p>\n
Blume is instead planning to slash annual production capacity in Europe by another 500 000 units, thin managerial and administrative positions, and make sweeping cuts to model and equipment variants. Negotiations on the exact nature of the measures are still ongoing.<\/p>\n
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Porsche SE, the listed entity that controls the major assets of the Porsche-Pi\u00ebch clan, on Friday reported a first-half loss after tax of \u20ac2.22 billion ($2.6 billion). The billionaire family relies on steady dividend payments, which have come under pressure amid declining profits at Volkswagen and sports-car maker Porsche AG.<\/p>\n
With shareholder payouts declining, the holding company has been trying to diversify away from automaking. It\u2019s set up a fund to make defence-industry investments and bought stakes in companies including German rocket startup Isar Aerospace and drone maker Quantum Systems.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Volkswagen #cut #costs #faster #change #chair<\/p>\n","protected":false},"excerpt":{"rendered":"
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