Volkswagen shares gain as CEO gets backing from supervisory board

December 15, 2020

FRANKFURT (Reuters) – Shares in Volkswagen rose as much as 3.7% on Tuesday after the carmaker said its CEO had the full support of its supervisory board, temporarily ending a power struggle over the measures to accelerate the push towards electric cars.

A Frankfurt-based trader called it some “kind of compromise” after Volkswagen also said it would cut overhead costs by 5% and procurement costs by 7% over the next two years.

(Reporting by Christoph Steitz; editing by Thomas Seythal)

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