VW aims to save 'millions of euros' - report

Volkswagen AG management board chairman Bernd Pischetsrieder will soon announce a savings programme designed to save the German car maker hundreds of millions of euros this year, Automobilwoche magazine reported without citing sources.

It said the savings programme is to ensure that VW does not fail to meet its already-reduced full-year profit forecast.

The magazine said the programme aims to increase savings without cutting budgets for new machinery or marketing initiatives.

Last month VW cut its forecast for full year pretax profit to "around" €4bn after previously predicting that it would match last year's figures.