Volkswagen aims to cut costs by 20% by 2028
Volkswagen is planning a major cost-cutting push, aiming to slash expenses by 20% by 2028.
This could mean closing some factories, as the company tries to keep up with rising competition from Chinese carmakers and tackle declining sales.
The plan, shared by CEO Oliver Blume and CFO Arno Antlitz, builds on earlier efforts to save €10 billion and reduce the workforce by 35,000 people by 2030.
VW's strategy to tackle global challenges
These savings aren't just about numbers—they're helping VW handle big global challenges like tariffs and shifting trade with China (the EU's trade deficit with China grew by 18% in 2025).
With German Chancellor Friedrich Merz heading to China soon for key talks and VW recently scoring a tariff break for its Cupra Tavascan SUV, it's clear the company is working hard to adapt in a fast-changing market.