VW CEO says carmaker faces same fate as Nokia without urgent reforms

Topics Volkswagen | Nokia | Volkswagen CEO

FRANKFURT (Reuters) - Volkswagen needs to accelerate the overhaul of its business to avoid becoming another Nokia, which lost its dominance in the handset market to Apple, the German carmaker's chief executive said. The multi-brand car and truck maker wants to raise its market value to 200 billion euros ($223.

10 billion), from around 91 billion at present, by revamping its assets, slashing costs, and expanding into new technologies like connected cars. Carmakers are accelerating research and development spending to keep up with.

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