Diess Still Has Porsche Family’s Confidence

Despite some friction between management and labor over cost cutting measures implemented by Volkswagen’s new CEO, Herbert Diess, the Porsche family still has faith in his abilities, according to a new report.

Diess was brought in to steer the VW ship into calmer waters following the emissions scandal. Known as a cost-cutter at his former company, BMW, the former engineer has been trying to cut costs at VW, too.

The cost cutting has been necessary to pay for VW’s billions of dollars in expenses in the US related to the diesel scandal, and a shift to electric vehicle production.

Many cost-cutting measures, though, include reducing the amount paid to the workers who build Volkswagens, which has led management and labor bosses to quarrel, especially after Diess was accused of breaking promises to labor made under the VW’s turnaround plan.

Despite that, the Porsche and Piech families, who own a controlling share of VW through a holding company, have no lost faith in Diess. With VW’s supervisory board meeting today to discuss 2016 financial results, this is a good sign that the VW ship’s course is steady.

[source: Automotive News]

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