VW German cost-cutting drive has sunk factory costs by 13%, brand CEO tells FT

BERLIN (Reuters) -Volkswagen’s cost-cutting programme in Germany, signed off with unions last December, has so far led to an average cut in factory costs of 13%, brand CEO Thomas Schaefer told the Financial Times at a conference on Tuesday.

Managers and works council representatives recently reported progress towards cost-cutting targets at the carmaker’s first quarterly review since the agreement was signed, Schaefer said, speaking at the FT Future of the Car Summit in London.

(Reporting by Victoria Waldersee, editing by Emma-Victoria Farr)