VW to ramp up restructuring programme after profit warning

Volkswagen will ​ramp up ​its turnaround programme, ‌the head ​of the Volkswagen brand said on Monday after ‌the world's second-largest automaker flagged €10 billion ($11.5 billion) in one-off costs, deepening a crisis that ‌triggered the group's biggest-ever restructuring. "I had ‌hoped that the measures agreed in 2024 would already be sufficient - unfortunately, that has ⁠not ​been ⁠the case," Thomas Schaefer said at a staff ⁠meeting at Volkswagen's headquarters in Wolfsburg, Lower Saxony, ​amid nationwide protests by German auto ⁠workers on Monday.

"We have absolutely no time ⁠to ​lose and will therefore significantly step up our performance programme once ⁠again," he said, adding that the company will ⁠discuss ⁠how to proceed with employee representatives.