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International Business Times
International Business Times
Business
AFP News

Volkswagen Boss Hails Cost-cutting Deal But Shares Fall

Germany Oliver Blume Volkswagen
Volkswagen is struggling with high costs and rising competition in China (Credit: AFP)

Volkswagen's chief executive welcomed a deal to slash jobs and reduce production capacity in Germany without the need to close factories, but the car giant's shares fell heavily on Monday.

"The agreement is good news for Volkswagen," CEO Oliver Blume said in an interview with the Frankfurter Allgemeine daily.

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