Reporting "asre Khodro", The namesake brand, the group's largest by sales, is cutting thousands of jobs via natural attrition, streamlining development processes and reducing the number of parts to revive profitability which has been lagging rivals such as Toyota (۷۲۰۳.T) and PSA Group (PEUP.PA).
The Volkswagen (VW) brand last year cut fixed costs by about ۳۰۰ million euros ($۳۲۰ million) in Germany alone, destination of over ۹ percent of global deliveries of ۶ million cars, Diess said at a press conference on Monday at the Geneva auto show.
"Our work is already paying off. We have put ourselves in an excellent starting position for ۲۰۱۷," said Diess, who was known as a cost-cutter at BMW (BMWG.DE) before he joined VW in ۲۰۱۵.
Despite progress on cost cuts, brand management and the carmaker's unions have been struggling to implement a cost-cutting plan dubbed future pact, designed to lift profitability. The brand accounts for nearly half of group sales but no more than ۱۱ percent of its underlying earnings.
VW group swung back to record operating profit before special items last year, powered by record deliveries of high-margin Audi and Porsche models. Detailed results for its ۱۲ brands are due for publication on March ۱۴.
Source: reuters.com
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