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Volkswagen shares gain as CEO gets backing from supervisory board

Volkswagen shares gain as CEO gets backing from supervisory board

FILE PHOTO: The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels, Belgium Jul 9, 2020. (Photo: REUTERS/Francois Lenoir/File Photo)

FRANKFURT: Shares in Volkswagen rose as much as 3.7per cent 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 5per cent and procurement costs by 7per cent over the next two years.

(Reporting by Christoph Steitz; editing by Thomas Seythal)

Source: Reuters

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