Volkswagen finance chief wants to reduce investment over next five years

Arno Antlitz, finance chief of Volkswagen Group, wants to reduce investment from 170 billion euros to 160 billion euros over the next five years. Volkswagen Group said it needed to slash costs at its German namesake brand VW due to high costs, low productivity and fierce competition. Volkswagen announced it would scrap a series of labor agreements, including a job guarantee agreement at six German plants until 2029.