June 22, 2018 / 9:02 AM / 9 months ago

Volkswagen hands over regional responsibility to brands

FILE PHOTO: A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt/File Photo

BERLIN (Reuters) - Volkswagen AG (VOWG_p.DE) on Friday said it is handing responsibility for managing regions to its different brands as part of a broader strategic overhaul to decentralize power at the Wolfsburg-based car and truck maker.

Chief Executive Herbert Diess, who took over in April, has embarked on a shake-up of the corporate structure at Europe’s largest carmaker to slim down the company and boost its brands.

“We are spreading responsibility across several shoulders, we are making Volkswagen faster, leaner and more efficient,” Diess said in a statement on Friday.

Its core Volkswagen passenger car brand will take over responsibility for North America, South America and the Sub-Saharan region, while Audi (NSUG.DE) will manage the Middle East and Asia.

Seat will handle the market in North Africa and Skoda will be responsible for Russia and India. China will remain under the remit of the Volkswagen group, the carmaker said.

In April, VW gave responsibility for group sales to Audi and production to the head of the Porsche brand. It has also bundled its luxury brands into a “super premium” cars division.

Reporting by Caroline Copley; Editing by Tom Sims and Edward Taylor

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