VW management to continue cost cutting

BERLIN, Dec 18 (Reuters) - Volkswagen's Chief Executive Oliver Blume pledged continued outgo cutting astatine Europe's largest carmaker ​on Thursday, arsenic the institution seeks to stay ‌competitive amid industry-wide challenges.

Speaking astatine the group's two-day absorption gathering successful Berlin, ‌Blume identified leadership, absorption and finances arsenic 3 cardinal priorities for the caller year, a institution spokesperson said.

"The task present is to proceed to consistently trim our costs successful bid ⁠to stay competitory successful ‌the agelong term," Blume said, adding that the institution has the keys to a agleam ‍future done its brands and products.

Chief Financial Officer Arno Antlitz said the German carmaker indispensable make much gross with less resources to ​succeed going forward.

"This requires adjacent stricter outgo absorption and ‌investment discipline," Antlitz said, outlining plans for improved electrical conveyance margins, importantly reduced fixed and mill costs, and focused concern successful aboriginal technologies.

"We request much Group synergies, little complexity and a strengthening of our marketplace presumption successful the ⁠USA and different regions extracurricular Europe," ​he added.

In December 2024, Volkswagen struck ​an statement with unions to drastically restructure its German operations, including 35,000 jobs cuts by 2030, ‍as it faces ⁠off with cheaper Chinese rivals and navigates a slower-than-expected displacement to electrical vehicles.

Antlitz said overheads this twelvemonth ⁠fell beneath the erstwhile year's level for the archetypal clip successful a ‌long time.

(Reporting by Christina Amann, penning by Maria ‌Martinez, editing by Susan Fenton)