Volkswagen CEO fears company could become obsolete like Nokia phones
FOX Business’ Jeff Flock is with Volkswagen of America CEO Scott Keogh at the Los Angeles Auto Show discussing the company’s move into electric cars and Trump’s apparent reluctance to impose new tariffs on European-made goods.
FRANKFURT, Jan 16 (Reuters) - Volkswagen Chief Executive Herbert Diess said the German carmaker needs to accelerate its transformation to avoid becoming another Nokia , which lost its dominance in the handset market to Apple.
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“The big questions is: are we fast enough?,” Diess told VW’s senior managers following a global board meeting on Thursday. “If we continue at our current speed, it is going to be very tough.”
The car was is longer a mode of transport and carmakers are no longer only manufacturers of vehicles, he said.
“The era of the classic carmakers is over,” Diess added.
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(Reporting by Edward Taylor; editing by Thomas Seythal)