“We were able to improve our factory costs in Germany by an average 20% last year alone,” he said.

The German automaker has struggled to compete with fast-growing Chinese companies that offer more affordable electric cars.

Sources have said VW considering closing four German plants and cutting up to 100,000 jobs. Read more at straitstimes.com. Read more at straitstimes.com.

Volkswagen management showed little progress from stakeholder talks on Thursday. The company repeated known targets for streamlining operations and investment. Analysts noted a…