Volkswagen CEO cites higher admin costs

Volkswagen Group CEO Oliver Blume confirmed that the company's administrative and general costs remain over 30% higher than those of competitors. He emphasized the need to reduce this gap in order to regain competitiveness amidst intense competition from Chinese companies. Blume indicated that the company's plan includes a non-fixed approach to job reductions, focusing on strategic measures to address the crisis. He also pointed out that four of the company's factories in Germany may not operate at competitive levels by the 2030s, and no final decisions have been made yet regarding their closure. This comes amidst pressure from the owners to implement a comprehensive restructuring to ensure the company's continuity amid economic and competitive challenges.

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