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GNN - Volkswagen Group (VOWG_p.DE) is seeking cost savings of around 10 billion euros ($12.4 billion), a source told Media on Friday.
"For the group, efficiency measures could amount to around 10 billion euros," a Volkswagen source said on Friday.
The move underlines how Volkswagen is still seeking to glean greater efficiencies from its business, which has lagged in profitability when compared with some of its peers.
In July, Volkswagen Chief Executive Martin Winterkorn told employees he was looking for 5 billion euros worth of efficiency gains at its core passenger-car brand by 2017, to close the profit gap with rivals.
(Corrects to say targeted cost savings are group-wide not just at the auto division)
(1 US dollar = 0.8052 euro)
(GNN, Reuters, Aip)(Reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Alexander Ratz and Kirsti Knolle)
"For the group, efficiency measures could amount to around 10 billion euros," a Volkswagen source said on Friday.
The move underlines how Volkswagen is still seeking to glean greater efficiencies from its business, which has lagged in profitability when compared with some of its peers.
In July, Volkswagen Chief Executive Martin Winterkorn told employees he was looking for 5 billion euros worth of efficiency gains at its core passenger-car brand by 2017, to close the profit gap with rivals.
(Corrects to say targeted cost savings are group-wide not just at the auto division)
(1 US dollar = 0.8052 euro)
(GNN, Reuters, Aip)(Reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Alexander Ratz and Kirsti Knolle)
