Volkswagen cuts investments: 1 billion less per year

The new Volkswagen board of directors has decided “to reduce investments by 1 billion euros per year compared to what was planned”. This was announced in a note from the car manufacturer which summarizes the outcome of an extraordinary meeting of the new board of the Volkswagen brand which took strategic decisions: "The CEO Herbert diess announced the main product decisions: a reorientation of the diesel strategy with the most advanced technologies, the development of a standardized electric architecture for passenger cars and light commercial vehicles, a new approach for the next generation of the Phaeton. Investments will have to be reduced by about one billion euros a year, the efficiency program will have to be accelerated”.