Scandal-hit VW to cut investment by €1bn a year

GMT 09:45 2015 Tuesday ,13 October

Arab Today, arab today Scandal-hit VW to cut investment by €1bn a year

German auto giant Volkswagen
Frankfurt - Arab Today

German auto giant Volkswagen said Tuesday it would slash its annual investment budget by one billion euros ($1.13 billion) for its main VW brand in the wake of the pollution-cheating scandal.

"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 had decided "that investments will be cut by one billion euros per year and efficiency measures will be stepped up."

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