One of Volkswagen's biggest shareholders confirms the carmaker will meet on Friday to discuss restructuring, sources saying that an extraordinary meeting has become necessary because of the sheer number of issues it faces. Hayley Platt reports.
They'll be plenty to discuss when Volkswagen's board meets on Friday. Not least the diesel emissions scandal which is costing the company billions of euros in costs. Management and labour leaders will be looking closely at the way they spend and invest. In a special meeting called to discuss restructuring. (SOUNDBITE) (English) CMC MARKETS ANALYST, JASPER LAWLER, SAYING: "VW's one of the biggest investors in R&D in terms of big corporates that there is and so they are paring back that spending but they want to reinvest in other growth areas of car industry." It's shifting its focus - like many other carmakers - towards electric and driverless vehicles. But that's expensive. VW's brand management chief, Herbert Diess reportedly wants annual cuts of 3.7 billion euros through to 2021. But VW's powerful works council - whose members make up almost half the supervisory board - aren't happy. They want a commitment from management on fixed targets, output and investment. VW boss Matthias Mueller said in June the overhaul would require double-digit billions in investment.