VW to Counter Price Drops With Technology, Automobilwoche Says

Volkswagen AG (VOW3) Chief Executive Officer Martin Winterkorn plans to invest in technology for lighter and more fuel-efficient cars to avoid becoming engulfed in pricing battles with competitors amid potentially weakening demand, Automobilwoche reported, citing an internal memo.

The carmaker will reshape itself with “new technologies and models, in new markets, with new factories and investments on an unprecedented scale,” Winterkorn told top executives in the memo, according to Automobilwoche.

To contact the reporter on this story: Cornelius Rahn in Frankfurt at crahn2@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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