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Volkswagen CEO: we will keep up with Tesla but not without cuts

Stock Markets Oct 28, 2021 04:40AM ET
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© Reuters. FILE PHOTO: Volkswagen Group Chief Executive Officer Herbert Diess at a news briefing in Barcelona, Spain September 23, 2020. REUTERS/Albert Gea
 
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FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p) Chief Executive Herbert Diess on Thursday said he was confident that Europe's largest carmaker could keep up with Tesla (NASDAQ:TSLA), but added this would require further cost cuts, including headcount reductions at its Wolfsburg site.

Tesla is planning to open its plant in Gruenheide near Berlin, its first gigafactory in Europe, this year although no final approval has been given by authorities.

Diess said the site was setting a new benchmark in terms of productivity, speed and lean management.

Volkswagen CEO: we will keep up with Tesla but not without cuts
 

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Comments (3)
François Delepine
François Delepine Oct 28, 2021 5:25AM ET
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Catch them if you can. Oh wait, no you can't, you're way to slow.
Barak David
Barak David Oct 28, 2021 5:17AM ET
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all the CEOs are openly talking about chaising Tesla. what a long way from a two years ago when they all said it would fail ( not Diess tho, he was always honest)
Edward Chong
Edward Chong Oct 28, 2021 4:58AM ET
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omg u shouldn't be keeping up . u should be leading.
Ron Love
Ron Love Oct 28, 2021 4:58AM ET
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Lmao! Leading? It takes VW more than 30 hours to make one ID.3 and they profit $1,000 but Tesla makes one Model 3 in under 10 hours and they profit $10,000. Tesla is eating their lunch making EVs and profiting from them. Number 1 reason is the gigapress.
 
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