Volkswagen cuts back on high-end Porsche cars for executives [Yahoo! Finance]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
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Source: Yahoo! Finance
The policy change was implemented at the beginning of the year, a Volkswagen spokesman told dpa on Sunday. According to information obtained by dpa, the policy change affects around 200 managers at the company. Only Volkswagen Group board members and executives at Porsche itself - a subsidiary of Volkswagen - will be able to drive Porsche sports cars as their company cars, the Bild newspaper reported. However, the newspaper reported that there have already been lawsuits filed challenging the restrictions on Porsche company cars at the labour court in Braunschweig, near Volkswagen's headquarters in the city of Wolfsburg. Volkswagen had recently launched an efficiency and savings programme which is expected to improve earnings by €4 billion ($4.3 billion) this year, €7 billion in 2025 and €10 billion per year from 2026. The spokesman did not say how much the company is expecting to save with the Porsche ban.
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