Volkswagen's controlling family shareholders have delivered their strongest public endorsement yet of a sweeping restructuring plan, urging management to move faster as Europe's largest automaker battles rising competition from Chinese manufacturers, higher tariff costs and weakening profitability.
The comments came from Porsche SE, Volkswagen's largest shareholder through the Porsche and Piëch families. Volkswagen has already confirmed it is evaluating plans to eliminate up to 100,000 jobs, double the number that had been previously discussed, as part of an effort to restore competitiveness after a sharp earnings decline.
