Cover image by Gareth Fuller/PA Wire

Volkswagen’s brand management has agreed with labor leaders on cutting costs at the core autos division by between 5 and 6 billion euros ($5.5-6.6 billion) by 2025 at the latest, Manager Magazin reported on Wednesday.

Talks between the two sides on a so-called future pact including cost cuts and a strategy for the brand’s German factories are nearing their conclusion, the magazine said, citing unnamed sources familiar with the talks.

VW was not immediately available for comment. The VW works council declined to comment on the report.

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