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Diess’ future at VW nonetheless unsure, with board talks ‘on a knife edge,’ report says

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BERLIN — Volkswagen Group’s prime committee didn’t decide on the way forward for CEO Herbert Diess at a gathering on Tuesday, two sources with data of the matter stated on Wednesday, with one describing talks as “on a knife-edge.”

Diess and VW’s highly effective union representatives have clashed in current weeks over his administration fashion and electrification technique, after he warned jobs may very well be misplaced if the method was not managed effectively.

“This matter is so scorching, it’s on a knife-edge. I am unable to say something additional,” stated one supply, who declined to be named because of the sensitivity of the matter.

“As anticipated, there may be nothing new,” a second supply stated.

Sources instructed Reuters on Tuesday the supervisory board’s eight-person govt committee would seemingly want extra time to discover a compromise that may fulfill all events.

An settlement on the committee — which incorporates works council head Daniela Cavallo and representatives for almost all shareholder Porsche and Piech households — may rely upon whether or not Diess agrees to vary his administration fashion, the sources stated.

Sources near negotiations stated a decision would seemingly come as a part of a bundle together with the announcement of recent board members, particulars on job prospects for workers, and funding plans for the group.

The bundle may embrace an even bigger position for Ralf Brandstaetter, CEO of Volkswagen’s namesake model, German media reviews stated. Brandstaetter would take over duty for the mass-market model group from Diess. The mass-market group consists of the VW, Skoda and Seat manufacturers.

The uncertainty over management and technique at VW has left its inventory efficiency trailing behind opponents previously six months.

Its shares are down 18 % since Might, in contrast with an 11 % rise at BMW and Stellantis, a 55 % improve at Ford, and an 83 % soar at Tesla, whose success Diess has regularly raised as an indication of why VW should remodel extra rapidly towards electrification.

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