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