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Nov 19, 2016

VOLKSWAGEN news * Germany - Restructuring that includes cutting 30,000 jobs

* Wolfsburg - Volkswagen shake-up fails to ease investor skepticism


--- Volkswagen AG’s plan to cut 30,000 jobs in coming years in a restructuring of its embattled VW brand marks a radical shake-up, though on Friday it failed to convince investors the gap will narrow with more profitable rivals Toyota Motor Corp. and General Motors Co. ... Volkswagen executives framed the move as audacious and necessary, entailing a reduction of the VW brand’s German workforce by about one-fifth. Management, with crucial support from powerful labor representatives, aims to boost productivity by 25%, increase annual earnings by €3.7 billion ($3.9 billion), and double pretax profit margins to 4% by 2020... The overhaul comes as Volkswagen is still trying to move past an emissions-cheating scandal that has cost it nearly $20 billion so far to settle lawsuits and recall nearly 11 million tainted diesel-powered vehicles world-wide... 
(Photo Bloomberg News: Workers on the assembly line at Volkswagen’s factory in Wolfsburg, Germany in May this year)  --  Wolfsburg, Germany— The WSJ, by WILLIAM BOSTON - Nov. 18, 2016


* Berlin - VW’s chief faces long road to overhaul auto maker

--- When Matthias Müller took the wheel at the world’s biggest car company last year, he pledged to steer Volkswagen AG out of its worst-ever crisis, improve the company’s corporate culture and set the namesake VW passenger-car brand on the road to recovery... Mr. Müller has had to contend with the company’s emissions scandal, the tab on which is roughly $20 billion so far and could rise, narrowing his maneuvering room. Volkswagen has said it expects to eliminate as many as 25,000 positions from a global workforce of 624,000 over coming years, though Mr. Müller has ruled out forced layoffs... VW brand management and labor representatives have been embroiled in talks that they call the “FuturePact” for eight months that aim to reach consensus over cutting costs to finance big investment in electric vehicles and self-driving cars—new technologies that threaten many traditional auto jobs... Mr. Müller is expected to present details of VW brand restructuring on Friday, ahead of the supervisory board meeting, the company said...
 (PHOTO: KRISZTIAN BOCSI/BLOOMBERG NEWS - Matthias Mueller, chief executive of Volkswagen. The company’s management is in talks with its labor group over cutting costs to finance investments in electric vehicles and self-driving cars)  --  Berlin, Germany - The WSJ, by WILLIAM BOSTON - Nov. 17, 2016

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