VW drops models and focuses on high-end market -CFO tells FT By Reuters

© 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.

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