Volkswagen's Biggest Shareholders Sound The Alarm Over Chinese Competition. They Seek a Dramatic Restructuring

Source: International Business Times

Volkswagen has already confirmed it is evaluating plans to eliminate up to 100,000 jobs, double the number previously discussed, as part of an effort to restore competitiveness after a sharp earnings decline. Jens Schlueter/AFP via Getty Images Volkswagen's controlling family shareholders have delivered their strongest public endorsement yet of a sweeping restructuring plan, urging management to move faster as Europe's largest automaker battles rising competition from Chinese manufacturers, higher tariff costs and weakening profitability. The comments came from Porsche SE, Volkswagen's largest shareholder through the Porsche and Piëch families.