Volkswagen to shift focus to electric, hybrid vehicles

Volkswagen will cut investment plans at its biggest division by $1.1 billion a year and step up development of electric vehicles, it said Tuesday as it battles to cope with the fallout from its cheating of diesel emissions tests. The German company said it would speed up cost cutting at the VW division, its largest by revenues, and put only the latest and “best environmental technology” in diesel vehicles.
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