November 18, 2016 / 9:09 AM / 9 months ago

VW CEO says cost-cut deal will make core brand more competitive

Volkswagen CEO Matthias Mueller, gives a speech during the Handelsblatt Automotive Summit 2016 in Munich, southern Germany, November 9, 2016.Michael Dalder

WOLFSBURG, Germany (Reuters) - Volkswagen (VOWG_p.DE) Chief Executive Matthias Mueller said the cost-cutting deal agreed with labor unions will make VW's core brand more competitive and productive.

"The VW brand needs a real shake-up and that is exactly what the future pact has turned out to be," the CEO said at a press conference at the carmaker's headquarters on Friday.

"Everyone at the VW brand has understood what is at stake: to create a strong, future-proof VW," Mueller said. The future pact "is the biggest modernization program in the history of the group's core brand."

Reporting by Andreas Cremer; Editing by Maria Sheahan

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