brand-new VW boss warns workers of "painful" cuts
Source : brand-new VW boss warns workers of "painful" cuts
Matthias Müller also warns of which his company will approach solution with care rather than speed
brand-new VW boss Matthias Müller has warned of which the company will cancel or delay all non-essential projects as the idea seeks to rebuild following the emissions scandal. He also warned of which the cuts “won’t be painless.”
Müller addressed 20,000 workers at a works council meeting in Wolfsburg This particular morning, saying: “We will review all planned investments, along with what isn’t absolutely vital will be cancelled or delayed.I will be completely clear: This particular won’t be painless.”
“In addition to the huge financial loss, This particular crisis is usually primarily a crisis about a loss of confidence. the idea affects the core of our company along with our identity, our cars, along with the essence of the brand: solidity, reliability along with credibility.”
“Our most important task will be to regain lost confidence with our customers, partners, investors along with the general public. The first step in This particular direction will be a fast along with relentless examination along with explanation. Only when everything comes to the table, only when things are completely explained, only then will people trust us again.”
“Believe me, I too am impatient. nevertheless in This particular situation, in which we are dealing with four brands along with many designs, care is usually more important than speed.
“The technical solutions to the problems are in sight. By contrast, the business along with financial consequences are not yet foreseeable.”
VW has already set aside 6.5bn euros (£4.7bn) to cover the costs of the scandal, nevertheless many industry commentators believe of which figure will rise, possibly to a figure three times higher. Since the scandal broke, VW’s share cost has fallen by almost half its value.
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