Volkswagen to survive but not without pain, says CEO

Volkswagen’s new chief executive has told more than 20,000 workers the company will have to review planned investments and contain costs as it works to overcome a scandal over vehicles that cheated on emissions tests.

Matthias Mueller said they would overcome the crisis but said it “would not happen without pain”.

He told the meeting at the company’s sprawling home plant in Wolfsburg, Germany, that the company would have to put its future investments in plants, technology, and vehicles under scrutiny to spend only what was needed to maintain a leading edge. He told workers “we will do everything to ensure Volkswagen will stand for good and secure jobs”.