FRANKFURT (dpa-AFX) - Volkswagen shares came under pressure in afternoon trading on Friday following a media report about investment cuts. Previously down less than 0.9 percent, they extended their losses to up to 2 percent. Shares in sports car subsidiary Porsche AG and VW holding company Porsche SE also suffered losses of up to two percent. The other carmakers in the DAX, Mercedes-Benz and BMW, were only down slightly at the same time.
On Friday, Wirtschaftswoche reported on an executive board meeting in which CFO Arno Antlitz caused consternation by announcing controversial investment cuts. According to the report, the core VW brand will be hit particularly hard with its investments until 2030. The brand bosses are said to have stated during the meeting that their return targets would not be achievable as a result. According to the report, the premium subsidiary Audi is also affected by the cuts. According to participants, the planned Audi plant in the US is not included in the investment plan. /tih/he
