Volkswagen Group cuts spend

Paying for its emissions scandal will cost the Volkswagen Group dearly, with the carmaker announcing it will cut the equivalent of $1.5 billion from its development program next year. However, VW says it won’t sit still, pushing ahead with an effort to electrify its future products via a $150 million investment. The next-gen Golf (pictured) and Q5 are certain starters; however plans to develop a battery-fuelled version of the Phaeton flagship – which could also underpin a future Bentley-badged product – is on ice.