Germany: VW slashes spending and postpone projects – Deutsche Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Delhi) – Jim Reid, Research Analyst at Deutsche Bank, notes that the new VW CEO Matthias Mueller said in a statement to the company’s employees yesterday that the carmaker is prepared to slash or postpone any projects or spending that ‘is not absolutely necessary’ and that VW would ‘save massively to manage the consequences of the crisis’.

    Key Quotes

    “In a separate interview with German newspaper FAZ, the CEO states that if all goes to plan, the company expects to start recalling cars in January with all cars fixed by the end of 2016.”

    “In the meantime, VW’s top US executive is due to meet with the US Energy and Commerce Committee tomorrow in Washington which formally kicks off the congressional probe.”

    “On top of this, we’re also expecting the carmaker to submit to Germany’s transport authority plans showing that VW’s diesel vehicles will be set to comply with exhaust regulations going forward.”
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