Seeking Alpha

VW looks to lower annual savings by €5B

  • Volkswagen’s (OTCQX:VLKAY) chief exec has demanded senior managers generate €5B in annual savings by 2017 as the company faces falling sales, weak growth and high development costs.
  • “This is urgent because today the profitability of our brand is still too low,” warns CEO Martin Winterkorn. “That is why we must now take action that is clear, effective and sometimes painful.”
  • Sales have been declining for the automaker in major markets such as the U.S., Brazil, Russia and India, and have been simultaneously hit by the impact of the strong euro.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|