CATCH-UP: The goal is to improve margins at its massmarket VW brand, its largest division by sales, though it has long lagged the profitability of rivals such as Toyota due in part to high labour costs at its German plants. Picture: BLOOMBERG/KRISZTIAN BOCSI
CATCH-UP: The goal is to improve margins at its massmarket VW brand, its largest division by sales, though it has long lagged the profitability of rivals such as Toyota due in part to high labour costs at its German plants. Picture: BLOOMBERG/KRISZTIAN BOCSI

Volkswagen has announced another €3bn of cost cuts in an effort to speed up an improvement in profit margins at its core VW brand. Still battling to recover from a 2015 scandal over emissions test cheating, the German carmaker has been cutting costs to fund a shift to electric cars and automated driving. The company did not give any details about job cuts, but ruled out forced redundancies.

France fines washing machine makers

France’s competition authority has fined six home appliance makers a total of €189m for price-rigging in 2006 and 2009, the largest penalty it has handed out this year.

Whirlpool, Electrolux, Bosch’s BSH unit ROBG.UL, Indesit, Candy Hoover and Eberhardt Frères were fined for agreeing price increases on washing machines, fridges or ovens, the competition authority said.

Since these firms account for 70% of the French household appliances market, the cartel had a major impact on prices paid by retailers and consumers, Isabelle de Silva, who heads the Autorité de la Concurrence, said.

Reuters