He outlined his grand plan for the company, which includes electrification and restructuring of brands.

New Volkswagen Group chief, Herbert Diess, said that the company must change from “a slow, lumbering supertanker to a powerful group of speedboats.” He addressed the carmaker’s shareholders at the company’s annual general meeting, Diess outlined the importance of changing the corporate culture. He also acknowledged the part that VW played in the decline in diesel sales. “As Europe’s biggest carmaker, we need to break new ground for diesel engines.

It's due, in part, to us that diesel has wrongfully fallen into disrepute.” The company is working to fix cars affected by the VW diesel emissions scandal this year. Currently, recalls stand at 69 percent complete worldwide and 76 percent complete in Europe. “We’re still investing in petrol, diesel and CNG," Diess said. "Future engines will emit 6 percent less CO2 and up to 70 percent fewer pollutants (including NOx) compared with today’s".

He also spoke about good corporate culture. “Sustainable financial success is only possible if we have a healthy corporate culture," he said. "It's a first priority for me. The Volkswagen Group needs to become more honest and more truthful. We need to be an upstanding corporate citizen. We need to be role models for our employees. That means we at Volkswagen walk the talk.”

“Our realignment must gather great momentum now,” said Diess. He added, “I expect 2018 to be another good year for the Volkswagen Group. We will make progress on being a better company in every aspect. My goal is to transform the company.”

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