Volkswagen CEO warns of huge cuts over scandal

Volkswagen will have to make massive savings to cope with the huge cost of its emissions cheating scandal, according to its new CEO.

Speaking to more than 20,000 Volkswagen employees at a meeting in Germany yesterday, Matthias Mueller said the company would need to "make massive savings to manage the consequences of this crisis."

While VW has set aside $7.3 billion, the final bill is likely to be much higher due to the cost of recalls, legal action by authorities, customers, dealers and shareholders, and the impact of lost business.

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