VW CEO says cost-cut deal will make core brand more competitive

Volkswagen Chief Executive Matthias Mueller said the cost-cutting deal agreed with labor unions will make VW's core brand more competitive and productive. "The VW brand needs a real shake-up and that is exactly what the future pact has turned out to be," the CEO said at a press conference at the carmaker's headquarters on Friday. "Everyone at the VW brand has understood what is at stake: to create a strong, future-proof VW," Mueller said.