Volkswagen Group Chief Financial Officer Arno Antlitz underscored on Wednesday that the company has about "a year, maybe two" to turn things around" highlighting that it has been "spending more on the brand" than it generates in revenue "for some time."
"If we now manage to reduce our costs sustainably and invest in a firework display of models," Volkswagen Passenger Cars CEO Thomas Schafer told employees at the meeting in Wolfsburg, "then we will be the ones who have created the conditions so that the next generations can also work for Volkswagen here in Germany." The German carmaker's CFO stressed that the company anticipates selling 500,000 fewer cars annually in Europe compared to pre-pandemic levels, equating to the output of two manufacturing plants.
Chief Executive Officer Oliver Blume previously disclosed that the carmaker could close factories in Germany as part of its cost-cutting program.
