Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Jan 16, 2020 08:52 PM IST | Source: Reuters

Volkswagen CEO says carmaker faces same fate as Nokia without urgent reforms

"The big questions is: are we fast enough?," Diess told VW's senior managers following a global board meeting on Thursday. "If we continue at our current speed, it is going to be very tough."

Volkswagen Chief Executive Herbert Diess said the German carmaker needs to accelerate its transformation to avoid becoming another Nokia, which lost its dominance in the handset market to Apple.

"The big questions is: are we fast enough?," Diess told VW's senior managers following a global board meeting on Thursday. "If we continue at our current speed, it is going to be very tough."

The car was is longer a mode of transport and carmakers are no longer only manufacturers of vehicles, he said.

Close
"The era of the classic carmakers is over," Diess added.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jan 16, 2020 08:42 pm
Sections
Follow us on