VW to scrap models and focus on premium market -CFO tells FT By Reuters

BERLIN (Reuters) – German carmaker Volkswagen (DE:) will axe many combustion engine fashions by the top of the last decade and promote fewer vehicles total to focus on producing extra worthwhile premium automobiles, its finance chief was quoted as saying on Wednesday.

“The important thing goal will not be development,” Arno Antlitz advised the Monetary Instances newspaper. “We’re (extra targeted) on high quality and on margins, slightly than on quantity and market share.”

Antlitz stated VW would cut back its vary of petrol and diesel vehicles, consisting of no less than 100 fashions unfold throughout a number of manufacturers, by 60% in Europe over the subsequent eight years.

The paper stated VW’s new technique was an indication of profound modifications within the auto sector, which has tried for many years to extend income by promoting extra vehicles every year, even when that required heavy discounting.

Former VW chief govt Martin Winterkorn, who resigned within the wake of a diesel emissions scandal, had made it his purpose to beat Toyota and Common Motors (NYSE:) to the title of “quantity primary” by 2018.