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VW brand to cut investments by 1b euros to cope with scandal
[BERLIN] Volkswagen will trim investments at its biggest autos division by 1 billion euros (US$1.14 billion) a year and accelerate its cost-cutting programme to cope with costs related to the group's diesel emissions scandal unleashed last month.
The carmaker also said on Tuesday it would overhaul the model strategy at its namesake brand.
Sources at the carmaker told Reuters last Friday that VW's biggest division by sales and revenue would likely slump to a loss this year as it was set to shoulder the bulk of costs from the scandal, which was prompted by VW cheating on emissions tests for diesel vehicles.