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1/16, 2:47 PM (Source: TeleTrader)
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VW+0.67%

179.70
Chart for: VOLKSWAGEN AG ST O.N.

Diess: VW needs urgent reform to avoid losing dominance

Volkswagen (VW) Chief Executive Officer Herbert Diess said at a global board meeting on Thursday that the German automaker must hasten its transformation in order to avoid Nokia's fate and lose dominance in its market.

"If we continue at our current speed, it is going to be very tough," Diess said, referring to the speed of company transformation. He noted that, today, automobile manufacturers were no longer the sole vehicle producers. "The era of the classic carmakers is over," Diess explained.

In a statement from Tuesday, Volkswagen Group announced that the worldwide deliveries of its vehicles grew by 1.3% in 2019 compared to 2018.

Volkswagen traded 0.75% lower at 14:42 CET.

Breaking the News / DD