Volkswagen plans to cut costs by 20% by end 2028, Manager Magazin reports

German automotive giant Volkswagen announced plans to reduce costs by 20% by the end of 2028, as reported by Manager Magazin, amid ongoing industry pressures and the transition toward electric vehicles. The ambitious cost-cutting initiative represents one of the most significant restructuring efforts in Volkswagen's recent history, coming as the company faces increasing competition and the need to invest heavily in new technologies. Industry analysts suggest that Volkswagen's measures may focus on streamlining its complex organizational structure, reducing its workforce through voluntary departures, consolidating overlapping functions between its various brands, and optimizing its procurement processes. The company has previously faced challenges with efficiency compared to some of its Asian competitors, and this initiative appears aimed at addressing those disparities while maintaining profitability during the industry's fundamental transformation toward electric mobility.