VW Board Calls Special Meeting to Review Brand Overhaul

Volkswagen AG’s supervisor board will hold a special meeting on Friday to review a proposed massive restructuring plan for the group, according to German media reports.

Handelsbatt says the plan targets €8 billion ($8.9 billon) in cost reductions. Sources tell Reuters this week’s meeting reflects the need to review the complex strategy ahead of a Nov. 18 meeting to approve the scheme. The sources say Friday’s meeting will be to review rather than decide on the plan.

Reuters reported last month that Herbert Diess, who heads the group’s VW brand, hopes to slash his unit’s annual costs by €3.7 billion over the next five years.