Volkswagen's half-year accounts have been such a big disappointment that the German group is trying to find the money elsewhere than on the cars. Among other things. all night work in the factories disappears.
On Thursday, Volkswagen published both half-yearly and quarterly accounts. And it is not cheerful reading. In fact, it is so sad that night work in factories is disappearing.
The profit has fallen by 2.4 percent to now 40.5 billion Danish kroner. And even though it's a lot of money, the analysts are still unimpressed.
The disappointing accounts also caused Volkswagen's share to fall immediately. The stock has so far fallen by 4 percent following the news.
Now the giant group, which employs 700,000 people at brands such as Seat, Skoda, Audi and, of course, Volkswagen, will cut back sharply. This is done with a significant savings program.
READ ALSO: Car company close to bankruptcy – can't pay its bills
This is written by Automobilwoche .
The new savings plans are added to measures that the group has already implemented to reduce costs.
– It's about costs, costs, costs. Especially with Volkswagen's core, but in all our brands, says managing director Oliver Blume in connection with the publication of the accounts.
Volkswagen is reducing i.a. capacity by 25 percent at all its factories. This means going from three to two shift shifts at the factories in Ingolstadt, Emden and Zwickau.
Arno Antlitz, who is Volkswagen's finance director, adds why they have chosen to remove the night guards. And the reason is actually very simple.
– We have removed the night shifts in Germany because they are very expensive for us, says the finance director.
However, Volkswagen has other problems than the accounts to take care of. The upcoming electric car platform SSP is already several years behind schedule due to software problems. Read more about it here .
Read more exciting news from and about the world of cars right here!
