FRANKFURT: Volkswagen has abandoned its decades-old obsession with empire building and no-expense-spared engineering to free up resources for the development and mass production of electric cars, its CEO Herbert Diess told Reuters.
VW is spending 80 billion euros to buy battery cells and develop electric cars and has struck a broad alliance with Ford to help share development and manufacturing costs. "There are several examples where this has failed. Look at Borgward, they had by far the best products, but they disappeared," Diess said, referring to a company which made popular passenger cars in the 1950s. Borgward filed for bankruptcy in 1961 and was revived by Chinese investors in 2015.
"Reducing complexity has its value in terms of the overall group structure," Witter said in an interview at the company's headquarters in Wolfsburg.
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