German car manufacturer
Volkswagen will make "massive" cost savings in order to meet the
expenses incurred by the emissions-rigging scandal involving
diesel emgines, the group said Tuesday.
VW announced plans to eliminate or postpone all superfulous
investment after the new CEO Matthias Mueller said he expected
"significant fines".
The group is under investigation in the US for cheating on
diesel emissions tests and is set to recall up to 11 million
vehicles.
"We will overcome the scandal only by travelling a painful
road," Mueller said, however adding that the savings plan would
not jeopardise the German group's position at the forefront of
the global automotive industry.
"The good news is that so far there has not been a negative
impact on jobs," said Bernd Osterloh, Chairman of the General
and Group Works Councils of Volkswagen AG.
"This is true both for employees and for temporary
workers," he added.
"Further, there is the firm intention to do everything
possible to safeguard employment," Osterloh said.
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