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Volkswagen AG is reportedly preparing to reduce its majority stake in truckmaker Traton SE, currently valued at €16.6 billion, as part of a broader push to cut costs.
The agreement signed between Skoda and Volkswagen on March 28, 1991, marked the beginning of a new era for the Czech car manufacturer.
Volkswagen AG's majority owner has urged Europe's largest carmaker to swiftly implement cost-cutting measures and reduce excess capacity. The call aims to restore the company's competitiveness in the market.
A recent profit warning from BMW AG and concerns from Volkswagen AG executives highlight a struggling business model for German automakers in the American market, affecting brands like Porsche and Mercedes.