BERLIN (Reuters) -Volkswagen’s cost-cutting programme in Germany, signed off with unions last December, has so far led to an average cut in factory costs of 13%, brand CEO Thomas Schaefer told the Financial Times at a conference on Tuesday.

Managers and works council representatives recently reported progress towards cost-cutting targets at the carmaker’s first quarterly review since the agreement was signed, Schaefer said, speaking at the FT Future of the Car Summit in London.