Two sources close to Volkswagen (VOWG_p.DE) said Monday that the supervisory board would meet on Tuesday to discuss a savings program ahead of its capital markets day on June 21.
One source claimed the board would debate cost-cutting measures of at least 3 billion euros ($3.22 billion) across Volkswagen, Seat, Skoda, and Cupra.
Handelsblatt, which first reported on the savings scheme, said Chief Executive Oliver Blume intends to reduce duplicate development work and better use German plants, particularly Audi and Volkswagen.
“The focus of the Capital Markets Day is on the power of the brands and the Group management model,” a Volkswagen representative said in an email, declining to say further.
In May, Volkswagen finance head Arno Antlitz told Reuters that investors should expect financial targets and capital allocation updates on the June capital markets day.
In May, Volkswagen brand chief Thomas Schaefer said in an internal message that the brand was targeting a 6.5% return on sales, up from 3% in the first quarter.
Pressure’s rising. “VW must act,” he wrote.
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