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 BERLIN (AP) - Volkswagen AG's woes deepened Wednesday as company officials said the automaker needed billions of dollars in cost cuts to halt a slide toward the red and recommended the departure of its personnel chief amid a corruption scandal.
The German carmaker said it was preparing measures such as squeezing suppliers and sharing more components to lift net earnings by 4 billion euros ($4.9 billion) by 2008, including a pretax improvement of 7 billion euros ($8.6 billion) at its main VW brand.
Intense competition that is hurting all carmakers in the United States, a weak dollar and sluggish demand in Europe last year hammered profits at Wolfsburg-based VW.
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