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VW’s Board to Review Diesel Scandal Status in December
Volkswagen AG’s supervisory board will consider broader budget cuts and feedback from regulatory agencies when it convenes on Dec. 9 to review the company’s ever-expanding emission cheating scandal.
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Volkswagen AG’s supervisory board will consider broader budget cuts and feedback from regulatory agencies when it convenes on Dec. 9 to review the company’s ever-expanding emission cheating scandal.
Sources tell Bloomberg News the board will consider environmental agency reactions to its proposed repairs to bring at least 11 million vehicles into emission compliance. Last week VW presented initial details about its plan to regulators in the EU and U.S.
The board also may delve into more substantive and longer-term budget cuts to help VW Group pay for repairs, regulatory fines and lawsuits that could total €24 billion, according to Bloomberg’s sources.
Last week the board confirmed a previously announced €1 billion reduction in the company’s original €13 billion spending plan for 2016. In mid-2014 then-CEO Martin Winterkorn told employees the company aimed to cut costs by €5 billion by 2018, adding there was an “urgent” need to hike profits and efficiency.
Analysts predict the company’s emissions scandal will force further cuts ahead, including some that will impact jobs.
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