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VW cuts capex to 12b euros next year as emissions scandal takes toll
[WOLFSBURG, Germany] Volkswagen said it would reduce its capital spending to no more than 12 billion euros (S$18.1 billion) next year as it grapples with the multi-billion-euro costs of its emissions crisis.
It will increase spending on alternative drive technology such as electric and hybrid vehicles by 100 million euros next year compared with previous targets, Chief Executive Matthias Mueller said at the carmaker's base on Friday.
Europe's largest automaker is cutting capital spending for the first time since the 2009 financial crisis and will review or delay non-product investments.