Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

unhappycamper

(60,364 posts)
Tue Oct 13, 2015, 08:19 AM Oct 2015

Volkswagen to cut annual investments

http://www.dw.com/en/volkswagen-to-cut-annual-investments/a-18778475

Embattled German carmaker Volkswagen has said it will reduce its investments in the group's core VW brand. The decision came as the company prepares for high litigation costs in the wake of its pollution scandal.

Volkswagen to cut annual investments
13.10.2015

German auto giant Volkswagen said Tuesday it would need to slash its annual investment budget for its main VW brand by 1 billion euros ($1.13 billion) as a result of its large-scale emission tests cheating and expected litigation and compensation costs.

"The newly constituted management board of the VW brand has taken a number of strategic decisions in an extraordinary meeting today," the company said in a statement.

Brand chief Herbert Diess was quoted as saying that apart from the planned cut in investments, efficiency measures would be stepped up to save money earlier than originally planned.

Volkswagen also announced it would overhaul its diesel-engine strategy, saying that a complete switch to the most advanced and cleanest exhaust gas system would be implemented for Europe and North America "within the shortest possible time."
Latest Discussions»Issue Forums»Foreign Affairs»Volkswagen to cut annual ...