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Europe's biggest carmaker Volkswagen AG, which has cut its profit goal for 2004, still plans to manufacture its new C1 model, its chief executive was quoted in a German magazine as saying on Saturday.
Bernd Pischetsrieder told Der Spiegel that a cost-cutting programme would not lead to cancellation of important projects.
"The C1, a model between Passat and Phaeton, will be built," he said. Media reports have said that VW has put plans for the C1 luxury model on ice for the time being due to a weak second quarter.
Pischetsrieder said that VW would end in September an offer to give air-conditioning free with its new Golf model.
The Golf, relaunched in October last year, is vital to VW's fortunes especially after the firm said on Friday it now forecast operating profit before special items of 1.9 billion euros ($2.33 billion) compared to an earlier target of more than 2.5 billion euros. "This offer will end in September. After that we will offer a new package of features to customers," Pischetsrieder said.
VW aims to sell 600,000 units this year of the Golf, which has featured free air-conditioning since February.

Copyright Reuters, 2004

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