Volkswagen to cut costs at core brand by 5 billion euros from 2017: document
HAMBURG Germany (Reuters) - Volkswagen plans to cut costs at its core passenger-car brand by about 5 billion euros ($6.8 billion) per year from 2017, according to documents obtained by Reuters on Tuesday.
VW's namesake brand, the carmaker's biggest division by sales and deliveries, is trailing a targeted profit margin of at least 6 percent because of high personnel and production costs.
The brand's margin was 2.9 percent in 2013.
($1 = 0.7331 Euros)
(Reporting by Jan Schwartz. Writing by Andreas Cremer.; Editing by Ludwig Burger)
