VW needs to cut staff costs to hit savings goal

Newswire

FRANKFURT, July 29 (Reuters) - Volkswagen will not hit its target of improving gross earnings at its flasghip VW Brand Group by 7 billion euros ($8.45 billion) by 2008 unless it cuts staff costs, Chief Executive Bernd Pischetsriedersaid on Friday. "This is not possible without reduction of personnel costs," he told a conference call, adding this could feature headcount reductions via early retirement "but as well other" measures or more flexible deployment of staff.

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