Volkswagen To Slash Budget By $4.1 Billion To Cover DieselGate Fallout

Volkswagen Group is targeting about 3.7 billion euros ($4.1 billion) of cost cuts at its core VW brand by 2021 as it wrestles with labor leaders over a turnaround plan, sources told Reuters.

The targeted savings would be in addition to a 5-billion-euro efficiency program announced by VW in 2014, of which about 2.5 billion euros have already been realized, two people familiar with the negotiations between labor and management told Reuters.

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PUGPROUD - 10/20/2016 4:31:41 PM

+1 Boost

Death by a thousand cuts! More cuts to come.

MDarringer - 10/20/2016 9:22:01 PM

-1 Boost

They needed to sell brands and and fold Skoda and or SEAT. Instead they are maintaining all the brands and shifting Audis to VW platforms with the larger Audis jumping to the Panamera's chassis. It could be argued that Audi is their most valuable sedan/crossover brand and that it should not be treated that way on the lower end.