VW, still dealing with the aftermath of the emissions-cheating scandal, aims to rejuvenate its core brand, and develop new electric and self-driving cars.
The car giant – which employs 610,000 people in 31 countries – wants to increase the brand’s profit margin from 2% to 4% and to do this it will need to improve productivity at its German plants by 25%.
Volkswagen has been battling a crisis caused by its attempts to dodge strict US emissions limits. It was revealed in the US last year that VW’s diesel cars were fitted with software that “knew” when cars were being tested.
The company has agreed to pay $15bn in a settlement with US authorities and owners of about 500,000 vehicles. Around 11 million cars worldwide have the software.
The VW group comprises 12 brands from seven European countries: Volkswagen passenger cars, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN.