Volkswagen is still looking at whether to spin off assets such as motorcycle maker Ducati and transmissions maker Renk, its new chief executive said, as the autos group strives to streamline its operations and become more efficient.
Under former CEO Matthias Mueller, who was ousted last month by the carmaker's major shareholders, attempts to slim down the group by selling Ducati and Renk foundered amid opposition from labour leaders and the controlling Porsche and Piech families.
"For non-core businesses such as Ducati, Renk and (large engines unit) MAN Diesel & Turbo, we will draw up sustainable future perspectives," new CEO Herbert Diess said on Thursday at the carmaker's annual shareholder meeting in Berlin.
The deliberations could lead to expanding those businesses and developing growth strategies, but spin-offs "are also conceivable", Diess said. Since the former BMW executive took office on April 12, Volkswagen (VW) has announced steps to prepare its truck operations for a possible stock market listing and to reorganise its multiple car brands in an effort to boost synergies.
Separately, the CEO on Thursday pledged a new drive to improve compliance and integrity at VW, where some managers are still struggling to adapt to reforms in the wake of its 2015 emissions scandal. "Volkswagen has to become more honest, more open, more truthful," Diess said.
The CEO also said VW had so far picked partners to provide battery cells and related technology worth around 40 billion euros ($48 billion) for its electric-car programme, four-fifths of the planned volume of 50 billion euros. To ensure VW and its peers benefit from future growth in battery technology, Diess called on the industry to step up talks about possibility making battery cells in Europe. Europe's largest automotive group is in robust health both operationally and financially, Diess said, predicting "another good year.