Volkswagen at risk of missing 2015 targets - magazine

FRANKFURT, Sept 19 Thu Sep 19, 2013 9:15am EDT

FRANKFURT, Sept 19 (Reuters) - Volkswagen finance chief Hans Dieter Poetsch has warned that Europe's biggest carmaker is at risk of missing its 2015 targets if it does not step up cost cuts, a German magazine said.

The ramp-up of Volkswagen's modular assembly architecture (MQB) has been more expensive than expected, which is weighing on profit margins, Manager Magazin said, citing company sources.

In an excerpt of an article to be published on Friday, it said Poetsch made his comments to Volkswagen managers at VW's headquarters in Wolfsburg, Germany on Sept. 13.

Volkswagen was not immediately available for comment. (Reporting by Maria Sheahan; Additional reporting by Jan Schwartz)

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