© Reuters. FILE PHOTO: A new logo for German carmaker Volkswagen is unveiled at VW headquarters in Wolfsburg, Germany on September 9, 2019. REUTERS / Fabian Bimmer
BERLIN (Reuters) – German carmaker Volkswagen (DE:) will phase out many internal combustion engine models by the end of the decade and sell fewer vehicles overall to focus on producing more profitable premium vehicles. , the airline’s chief financial officer said on Wednesday.
“The main goal is not growth,” Arno Antlitz told the Financial Times. “We are (more focused) on quality and profitability, rather than volume and market share.”
Antlitz says VW will reduce the number of petrol and diesel cars, including at least 100 models spanning several brands, by 60% in Europe over the next eight years.
The paper says VW’s new strategy is a sign of profound changes in the auto sector, which has struggled for decades to increase profits by selling more cars each year, even if the That requires drastic price reductions.
Former VW chief executive Martin Winterkorn, who resigned following the diesel emissions scandal, has set his sights on beating Toyota and General Motors (NYSE:) to the title of “number one” in 2018.
Fusion Media or anyone associated with Fusion Media shall not bear any liability for loss or damage resulting from reliance on information including data, quotes, charts and buy/sell signals contained in this site. Please be fully informed of the risks and costs associated with trading in financial markets, which are among the riskiest forms of investment possible.
