German automaker to cut $1.1 billion in annual investment spending.
FRANKFURT — Volkswagen’s flagship brand will switch to new diesel emissions technology in Europe and North America as well as cut a billion euros ($1.1 billion) in annual investment spending.
VW brand head Herbert Diess made the announcement as the company struggles to overcome a scandal over cars equipped with computer software that let them evade US emissions tests.
Diess said the company would change its diesel technology in Europe and North America and install technology that uses a urea solution called AdBlue to reduce diesel emissions. He said that change would come “as soon as possible.”
He also said the company would extend its low-cost manufacturing techniques and reduce spending on investments.