More belt-tightening at VW to fund electric new startBy The Manila Timeshome/Business/Foreign Business/More belt-tightening at VW to fund electric new startFRANKFURT AM MAIN: German car giant Volkswagen said on Thursday it was looking for three billion euros ($3.8 billion) in new savings to help fund its pivot toward electric vehicles, adding that it could not rule out job cuts. Without more savings, profitability at VW’s historic own-brand cars division “will not be enough to be completely ready for the future,” said Arno Antlitz, chief financial officer at the unit, adding “enormous investments” were needed. The belt-tightening drive comes on top of a program launched in 2017 that has already found 2.2 billion euros of savings, the group said. After admitting in 2015 to manipulating millions of diesel vehicles worldwide to appear less polluting in regulatory tests, Volkswagen hopes to leave its “dieselgate” scandal behind with a massive electrification program. The sprawling 12-brand group said in mid-November it would invest 44 billion euros by 2023 to speed up the transition away from internal combustion engines, including 11 billion euros at the core VW brand alone.

Source: Manila Times December 07, 2018 17:37 UTC