Volkswagen board going to discuss brand overhaul on November 4

The supervisory board of Volkswagen will hold a remarkable conference on Friday, November 4, to speak with on an extensive restructuring of the automaker, two supervisory board sources informed Reuters.

Management and labour leaders are presently looking for to reach agreement on expense cuts and technique in time for a November 18 conference of the supervisory board to validate costs targets throughout the group for the coming years.

The large size of the revamp, with the requirement for expense savings enhanced by Volkswagen’s diesel emissions scandal, made the amazing conference necessary, the sources stated, including no decisions were anticipated to be made.

Herbert Diess, head of the German automaker’s core Volkswagen brand, wishes to slash yearly expenses at the distressed department by 3.7 billion euros through 2021 in a so-called future pact with employees, sources knowledgeable about the settlements informed Reuters last month.

German paper Handelsblatt, which was first to report the remarkable conference, stated that expenses were to be cut by 8 billion euros throughout the group.

Volkswagen and the group’s works council refused to comment.