Volkswagen Supervisory Board To Meet On Tuesday To Discuss Cost Saving Plan: Report

Volkswagen AG VWAGY supervisory board is expected to meet on Tuesday to discuss the savings program.

The board meet comes ahead of the automaker's capital markets day on June 21. The meeting is expected to discuss cost-cutting measures totaling €3 billion ($3.22 billion) spanning Volkswagen, Seat, Skoda and Cupra brands, reported Reuters.

"The focus of the Capital Markets Day is on the power of the brands and the Group management model," the report quoted a spokesperson for Volkswagen.

The company's finance chief, Arno Antlitz, reportedly said in May that investors would be updated about financial targets and capital allocation plans on the June capital markets day.

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In an internal memo, Volkswagen's chief Thomas Schaefer said the brand aimed for a 6.5% return on sales versus a 3% in the first quarter, the report noted.

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Price Action: VWAGY shares closed higher by 0.07% at $16.69 on Friday.