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Volkswagen Aims for 20% Cost Cut Amid China Challenges

2/16/2026

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Summary

Story summary

Volkswagen plans a 20% cost cut by 2028, potentially closing plants amid Chinese competition.
Oliver Blume (CEO of Volkswagen) and Arno Antlitz (CFO) presented a plan to save about €10 billion.
Volkswagen previously announced a 35,000-job reduction by 2030 to save €1.5 billion annually.
The EU's trade deficit with China rose 18% in 2025, prompting concerns about strategy.
German Chancellor Friedrich Merz will visit China next week to discuss trade.

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Story summary

Volkswagen plans a 20% cost cut by 2028, potentially closing plants amid Chinese competition.
Oliver Blume (CEO of Volkswagen) and Arno Antlitz (CFO) presented a plan to save about €10 billion.
Volkswagen previously announced a 35,000-job reduction by 2030 to save €1.5 billion annually.
The EU's trade deficit with China rose 18% in 2025, prompting concerns about strategy.
German Chancellor Friedrich Merz will visit China next week to discuss trade.