VW's new CEO Herbert Diess wants to both cut costs and shift focus to new technologies.
Volkswagen Group is likely to be a very different company in the coming years, at least if new CEO Herbert Diess has his way, the new chief executive outlining some of the key changes he has in mind during a Friday media briefing that followed a management shake-up the day before.
The one-time BMW board member has been viewed as a change agent since joining VW in 2015, just months before a scheme to rig diesel emissions tests was revealed by the U.S. EPA. Diess has already trimmed what is often described as a bloated workforce, in the process slashing almost $5 billion in costs.
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He is expected to further attack costs at the German giant while also putting more emphasis on new technologies and services. And VW officials suggested they could move to trim assets, though they cautioned that a rumored spin off of their truck business isn’t in the cards – yet. (more…)
