Volkswagen CEO tells staff cost-cutting journey 'is not over'
CEO says further cost cuts are still needed
BERLIN, Aug. 26 (Reuters) - Volkswagen CEO Oliver Blume thanked staff for their efforts to cut costs at a workers' assembly in Emden on Wednesday, one of five German plants threatened with closure, but said more needed to be done.
"This journey is not over. Because we not only measure ourselves against our own past performance. We measure ourselves against the best locations in Europe," Blume told staff, according to excerpts of his speech shared by the company.
"Labor costs today are more than double those of comparable European locations. And when it comes to factory costs, other plants are still significantly cheaper. This is not a criticism - it is the reality against which we must measure ourselves," Blume said.
