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

Published 10/28/2021, 04:36 AM
Updated 10/28/2021, 04:40 AM
© Reuters. FILE PHOTO: Volkswagen Group Chief Executive Officer Herbert Diess at a news briefing in Barcelona, Spain September 23, 2020. REUTERS/Albert Gea

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.

Latest comments

Catch them if you can. Oh wait, no you can't, you're way to slow.
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)
omg u shouldn't be keeping up . u should be leading.
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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