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Business

VW Targets Billions in Cost-Cutting by 2008

Volkswagen (VW), Europe's biggest car maker, is planning further belt-tightening measures and hopes to cut costs by 10 billion euros ($12.3 billion) in all by 2008, sources close to the company told AFP on Wednesday. On top of the seven billion euros in cost-cutting already earmarked at the group's own VW brand, the automaker was looking to save a further three billion euros elsewhere, the sources said, without specifying how much would be borne by the other divisions, Audi, Skoda, Seat and commercial vehicles. Most of the cost-cutting would be achieved at the level of purchasing, the sources said. Last week, VW said it planned to cut production costs at its six German factories by 1.3 billion euros, largely through a reduction in labor costs.

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