VW Boss Says All Non-Crucial Projects Will Be Cancelled Or Delayed
I wonder what projects, Matthias Muller, could be referring to but off the top of my head it would be the Bugatti Veyron successor as well as the Golf R 400.
Yesterday, Müller addressed workers at the company’s Wolfsburg HQ, telling them: “We will review all planned investments, and what isn’t absolutely vital will be cancelled or delayed. I will be completely clear: this won’t be painless. In addition to the huge financial loss, this crisis is primarily a crisis about a loss of confidence. It affects the core of our company and our identity, our cars, and the essence of the brand: solidity, reliability and credibility.” Muller made mention that the solution to the diesel issue will be solved by software changes on some models and hardware changes on others.
The first recalls of cars affected by the scandal are due to start in January, with VW hoping to have fixed all affected vehicles by the end of next year. The German manufacturer has already set aside 6.5 billion euros to cover the costs of the scandal, but many industry commentators believe that figure will rise, possibly to a figure three times higher. Since the scandal broke, VW’s share price has fallen by almost half its value.