November 18, 2016 / 9:28 AM / 9 months ago

VW to present new brand strategy in coming weeks: VW brand chief

Herbert Diess, head of Volkswagen's namesake brand, attends a news conference on media day at the Mondial de l'Automobile, the Paris auto show, in Paris, France, September 29, 2016.Jacky Naegelen

WOLFSBURG, Germany (Reuters) - VW (VOWG_p.DE) brand chief Herbert Diess said the deal on cost cuts and investments agreed with labor representatives paved the way for a new brand strategy, which he said he would present in the coming weeks.

"We are overhauling the entire VW brand and are getting it ready for the future," Diess told journalists during a news conference on Friday.

Volkswagen earlier unveiled plans to cut 23,000 jobs in Germany to help achieve 3.7 billion euros ($3.92 billion) in annual savings by 2020 to turn around its core brand and help fund a shift to electric and self-driving cars following its emissions scandal.

Reporting by Andreas Cremer; Writing by Maria Sheahan; Editing by Victoria Bryan

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