May 16, 2018 / 8:14 AM / 5 days ago

VW's MAN truck unit aims to speed cost cuts in 2018 -CEO

MUNICH, May 16 (Reuters) - German truck maker MAN SE plans to step up cost savings to boost efficiency as parent Volkswagen is seeking to become a major force in global truck-making, MAN Chief Executive Joachim Drees said.

“We want to achieve a higher level of efficiency for the entire (MAN) group,” Drees said at the company’s annual shareholder meeting on Wednesday, citing plans to further cut product and material costs in vehicle development.

MAN SE’s operating margin of 3.9 percent in 2017, although an increase from 1.5 percent in 2016, is “not yet satisfactory”, Drees said. (Reporting by Irene Preisinger Writing by Andreas Cremer Editing by Maria Sheahan)

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