Share Name Share Symbol Market Type
Volkswagen AG XE:VOW XETRA Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50 -0.81% 184.75 184.60 184.80 192.25 184.45 188.60 48,747 16:45:00

Volkswagen CEO Says Productivity Needs to Improve, Warns of Job Cuts

28/10/2021 1:10pm

Dow Jones News

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By Kim Richters


Volkswagen AG needs to improve productivity to compete with electric-vehicle maker Tesla Inc., which will include cutting jobs, its chief executive officer said on Thursday.

German auto maker Volkswagen is preparing to overhaul its main plant in Wolfsburg to keep up with its rival's new site near Berlin, said CEO Herbert Diess at a press conference call the car maker held as it released third-quarter results that took a hit amid the global semiconductor shortage.

"There's a challenge from Tesla but we'll keep the pace", he said.

While the company doesn't have a new plan to cut fixed costs so far, Mr. Diess said the plant revamp will involve cutting jobs and includes speeding up manufacturing time. "For sure we need some headcount reduction," he said, without specifying the specific size of the cuts.

The management's comments come amid recent media reports that the CEO is clashing with Volkswagen's works council and the company's supervisory board over possible headcount reduction and plans for the Wolfsburg plant.


Write to Kim Richters at


(END) Dow Jones Newswires

October 28, 2021 07:55 ET (11:55 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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