Volkswagen to scrap 60% of models and focus on premium car market

VW’s new strategy is a sign of profound changes in the auto sector

VW aims to reduce its range of petrol and diesel cars, consisting of at least 100 models spread across several brands, by 60% in Europe over the next eight years.

German carmaker Volkswagen will axe many combustion engine models by the end of the decade and sell fewer cars overall to concentrate on producing more profitable premium vehicles, its finance chief was quoted as saying on Wednesday.

"The key target is not growth," Arno Antlitz told the Financial Times newspaper. "We are (more focused) on quality and on margins, rather than on volume and market share."