Volkswagen's Audi tempers spending plans for 2016
- 8 years ago
Volkswagen's flagship Audi division reined in its spending plans for 2016 and delayed the construction of a new wind tunnel on Monday, after the German carmaking group was hit by a scandal over rigged emissions tests.
Audi, which made a higher operating profit than the VW group in the first nine months of 2015, said it would invest more than 3 billion euros on plants and equipment in 2016.
"With the current investment program, we obviously want to enhance the brand’s strong position, but at the same time, we aim to achieve additional financial scope by means of further process and cost optimization," Audi finance chief Axel Strotbek said in a statement.
The move comes after VW, Europe's biggest automotive group, cut 1 billion euros from its 2016 investment plan in November, as its emissions cheating scandal expanded to include tens of thousands more U.S. vehicles.
Audi, which made a higher operating profit than the VW group in the first nine months of 2015, said it would invest more than 3 billion euros on plants and equipment in 2016.
"With the current investment program, we obviously want to enhance the brand’s strong position, but at the same time, we aim to achieve additional financial scope by means of further process and cost optimization," Audi finance chief Axel Strotbek said in a statement.
The move comes after VW, Europe's biggest automotive group, cut 1 billion euros from its 2016 investment plan in November, as its emissions cheating scandal expanded to include tens of thousands more U.S. vehicles.