Volkswagen CEO Herbert Diess replaced

Volkswagen has removed Herbert Diess from the post of CEO. However, he will continue to head the Volkswagen Group. Ralf Brandstaetter has been named the new CEO of the brand. He will take charge from July 1, 2020.

The announcement comes following reports of squabbling between VW's labour leaders and managers over the company's cost cutting plans.

Media reports suggest that Diess has been trying to persuade the company's labour leaders to agree to the proposed cost cutting measures, which are expected to help the company pay for a 34 billion euro investment in electric vehicles and autonomous technology. It will also release 50 billion euros for EV battery procurement.

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