March 3, 2015 / 7:38 AM / in 3 years

Volkswagen on track with efficiency program: CEO

FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) is optimistic it will reach its cost saving targets, which should help the company to narrow the profit gap with international rivals.

Snow falls on a Volkswagen car near the town of Rheda-Wiedenbrueck, February 3, 2015. REUTERS/Ina Fassbender

“We are on track with our efficiency program,” CEO Martin Winterkorn said in an interview on German TV channel ZDF.

Europe’s largest carmaker, which sold a record 10.1 million vehicles across the multi-brand group in 2014, is seeking to cut costs at its core division by 5 billion euros ($5.66 billion) over the next two years.

Reporting by Kirsti Knolle; Editing by Georgina Prodhan

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