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CEO
Matthias Mueller said investments in the double-digit billions
of euros would be needed by 2025 for the transformation, which
would be funded by savings and portfolio measures, with all
brands and businesses having to contribute.
Presenting its new strategy for 2025 ahead of what is expected
to be a difficult annual shareholder meeting next week, Europe's
biggest carmaker said it aimed to bring out 30 new electric
vehicle models by 2025 as it transforms itself into a company
focused on electrification and new mobility services.
"This will require us – following the serious setback as a
result of the diesel issue – to learn from mistakes made,
rectify shortcomings and establish a corporate culture that is
open, value-driven and rooted in integrity," he told reporters
at VW headquarters.
Volkswagen said it planned to bundle its components business,
currently spread across 26 plants worldwide with 67,000
employees.
It also said it aimed to reduce its sales and administration
costs to less than 12 percent of sales and targeted an operating
return on sales before special effects of 7 to 8 percent by
2025, up from 6 percent in 2015.
(Reporting by Andreas Cremer; Writing by Georgina Prodhan;
Editing by Harro ten Wolde and Maria Sheahan)
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