Volkswagen is running behind schedule in defining key measures of a planned $10.5B cost-cutting drive for its namesake brand, as talks with powerful labor leaders drag on, Reuters reports, citing people familiar with the matter. The volume brand of Europe’s top carmaker said in June that the drive’s measures, designed to help it meet a return-on-sales target of 6.5% by 2026, were expected to be in place by October 2023. The first meeting with workers representatives, however, did not happen until early October and key measures are now expected to be defined by year-end, the sources said.
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