VW isn’t cutting costs fast enough – According to its chairman

• Volkswagen's chairman, Hans Dieter Pötsch, believes the company is not cutting costs quickly enough to tackle a slide in competitiveness.
• The company's majority owner, Porsche Automobil Holding SE, is urging Volkswagen to move swiftly on cutting costs and excess capacity, including tens of thousands of jobs, to address its slide in competitiveness and a 30% cost gap to some competitors.
• Volkswagen's Chief Executive Officer Oliver Blume is planning to slash annual production capacity in Europe by another 500,000 units, thin managerial and administrative positions, and make sweeping cuts to model and equipment variants, in an effort to make the automaker faster and leaner.