Volkswagen CEO tells staff cost-cutting journey 'is not over'

Volkswagen CEO Oliver Blume thanked staff for their efforts to cut costs ‌at a workers' assembly in Emden on Wednesday, one of five German plants threatened with closure, but said more needed ⁠to be done, Report informs referring to Reuters.

"This journey is not over. Because we not only measure ourselves against our own past performance. We measure ourselves against the best locations in Europe," Blume told staff, according to ‌excerpts ⁠of his speech shared by the company.

"Labor costs today are more than double those of comparable European ⁠locations. And when it comes to factory costs, other plants are still ⁠significantly cheaper. This is not a criticism - it is the ⁠reality against which we must measure ourselves," Blume said.