Volkswagen, snaps austerity: to stop investment and wage cuts – Il Sole 24 Ore

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This article was published October 6, 2015 at 14:04.
The last change is the October 6, 2015 at 15:26.

Volkswagen will make “massive savings” for the costs related to the scandal of emissions, and announces a plan tended to cancel or delay any investment unnecessary. He informed the group that after the CEO, Matthias Mueller, said he expected “significant fines”. “Technical solutions to the problems are in sight, but the consequences of business and financing are unclear – said Mueller – therefore we are putting under review all planned investments. What there is urgent need to be cut or delayed, following’ll set our efficiency plan. “

” I will be very clear, it will not be painless, “he concluded the CEO at the end of a meeting with 20 thousand employees gathered in Wolfsburg, adding that it will “do everything to safeguard jobs.” He added: “We do not know yet what will be the impact of the crisis, but we will fight for it to be as small as possible and we will do everything to keep our employees in the company.”

Mueller, talking to employees, also said that the 6.5 billion set aside by the group Volskwagen to meet emissions-fixing scandal “will not be enough.” “It is clear – he added – that our revenues and our financial programming will be under tremendous pressure.” The shares of the automaker plummeted by 40% since the crisis caused by the misrepresentation on diesel engine emissions.

Earlier Bernd Osterloh, head of the works council of Volkswagen and highest authority of the union ‘ company, stressed that “for the moment the scandal is having no impact on employment” but that “it has on wages and hence on bonuses for workers. We have to see how our customers react to this scandal. ”

“Let me be clear – he continued – is not we who have to foot the bill for the bad behavior of a group of managers.” Osterloh has also asked that it be made clear as soon as the scandal of emissions, which “rocked the group with its 600 thousand employees in the world.” Volkswagen still has “the strength to leave behind this crisis,” said Osterloh, who asked, in the face of this problem, to properly evaluate “all projects and planned investments. We will put into question all that does not make sense economically. ” In 2014, Volkswagen employees was paid a bonus of EUR 5,900.

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