After diesel scandal, Volkswagen to focus on electric vehicles

Volkswagen was one of the most stubborn proponents of diesel passenger cars, but in light of recent news, it seems to be changing its tune.

In a statement released by Volkswagen's Board of Management on Tuesday, the company said it will shift its focus toward developing electric vehicles. This renewed focus comes a month after it was revealed Volkswagen cheated emissions testing in some of its diesel cars, putting the company in the biggest crisis of its existence

The company's new master plan is to cut spending on the Volkswagen Brand (not the whole Volkswagen group) by $1.1 billion (1 billion euros) per year, focusing its leaner budget on the development of electric vehicles. Most notably, an electric version of its flagship luxury sedan, the Phaeton, is planned. Read more...