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Volkswagen's 5 Point Action Plan To Revive Company. Will This Work?
Volkswagen has taken a severe hit regarding sales. The German carmaker has reported its first quarterly loss in 15 years that of 1.2 billion pounds. This figure is after setting aside 4.8 billion pounds to cover the diesel emission scandal.
The loss in profit is excluding compensation that has been filed by many. If VW has to compensate anybody, the company's profit could take a major dent that could leave the company crippled for a long time.
The automaker is expecting a further loss, but says there will be growth this year. This loss for VW has made way for Toyota to lead the way as the World's top selling carmaker.
Also read: Volkswagen Likely To Recall 1 Lakh Cars In India
With Volkswagen's future uncertain, the German carmaker's CEO, Matthias Muller has announced a five-step revival plan for the company.
Step
1
The
first
and
foremost
step
would
be
to
support
all
the
11
million
customers
who
are
affected
by
the
Diesel
Gate
scandal
with
the
4.8
billion
pounds
set
aside.
Step
2
The
second
most
important
step
would
be
to
finish
the
ongoing
investigation
and
find
out
who
was
behind
the
scandal.
Muller
claims
that
those
involved
with
the
defeat
device
scandal
will
face
severe
consequences.
Step
3
Step
three
involves
realignment,
culturally
and
managerially
within
the
company.
Volkswagen
has
already
suspended
a
few
top
officials,
which
include
ex-CEO,
Martin
Winterkorn,
who
resigned
after
the
diesel
scandal
came
into
light.
Step
4
A
detailed
investigation
into
all
300
models
under
Volkswagen
would
be
the
fourth
step.
This
could
be
to
ensure
that
none
of
the
other
vehicles
are
affected
or
equipped
with
any
other
device
that
is
illegal.
A
second
time
hit
for
the
company
will
leave
it
unrecoverable.
Step
5
The
fifth
step
would
be
to
postpone
plans.
Strategy
2018
will
become
Strategy
2025,
according
to
which
the
company
wanted
to
sell
10
million
vehicles
a
year
and
become
a
leader
in
employee
and
customer
satisfaction.
So, will the five-point action plan work for Volkswagen, or has the company lost its stand already? Do feel free to share your valuable thoughts and comments.