WOLFSBURG, Germany Nov 18 Volkswagen
Chief Executive Matthias Mueller said the
cost-cutting deal agreed with labour 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 programme in the history of
the group's core brand."
(Reporting by Andreas Cremer; Editing by Maria Sheahan)