Volkswagen Group is about to drop gas and diesel engines like names at a swank party.
The automaker’s CEO has announced a multi-billion push to prepare the company for a much more stringent marketplace, part of which includes giving its internal combustion engine lineup a haircut.
Speaking at an auto industry conference in Vienna, Matthias Müller said the company needs to boost the efficiency of its engines by 10 to 15 percent to stay ahead of picky European and American regulators, Reuters reports. Reaching that goal carries a price tag of $11 billion, spread out over the next five years.
Up to 40 percent of the company’s engines won’t survive the operation, Müller claims. Read More >