According to people familiar with the matter, the parties' efforts to reach a compromise over Volkswagen CEO Oliver Bloom's aggressive cost reduction plan have failed. Representatives of Volkswagen and Lower Saxony began negotiations on Monday and Tuesday, but no results were achieved; no new round of negotiations was scheduled until Friday's supervisory board meeting. Management currently anticipates that the current board of supervisors meeting will not be able to agree on a cost saving plan. They are preparing to submit the plan to the Extraordinary General Meeting of Shareholders for shareholders' voting. It may be held as soon as this fall. Volkswagen declined to comment.

According to people familiar with the matter, the parties' efforts to reach a compromise over Volkswagen CEO Oliver Bloom's aggressive cost reduction plan have failed. Representatives of Volkswagen and Lower Saxony began negotiations on Monday and Tuesday, but no results were achieved; no new round of negotiations was scheduled until Friday's supervisory board meeting. Management currently anticipates that the current board of supervisors meeting will not be able to agree on a cost saving plan. They are preparing to submit the plan to the Extraordinary General Meeting of Shareholders for shareholders' voting. It may be held as soon as this fall. Volkswagen declined to comment.