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No Management Promotions for VW Unit
Reports say Volkswagen AG has frozen management promotions at its VW units in 2016 to help save money to pay for the costs of addressing its diesel emission cheating scandal, company sources tell Manager Magazin.
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Reports say Volkswagen AG has frozen management promotions at its VW units in 2016 to help save money to pay for the costs of addressing its diesel emission cheating scandal, company sources tell Manager Magazin.
The German magazine says VW also will cut spending by using more carryover components when it designs its next-generation Golf hatchback.
Manager says the company now agrees with outside estimates that the price of repairing some 11 million of its diesels rigged to cheat emission tests—along with the costs of regulatory penalties and related lawsuits—could surpass €30 billion. The company so far has set aside €6.5 billion for the recall.
The magazine says the VW division will bear most of the cost-cutting effort, although the rigged diesel engines also were used by some of the company’s others brands. The group’s upscale marques, including Audi and Porsche, will be shielded from the cutbacks, according to Manager.
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