Volkswagen Group said it will reduce investment spending at the VW brand by $1.1 billion a year, as well as switch to a different diesel emissions treatment technology and launch an all-electric Phaeton sedan as the flagship for a new focus on electrification.

VW will increase its focus on long range plug-in hybrids and high-volume electric vehicles with a range of up to 300 km (186 miles), the company said in a statement today. The Phaeton sedan will get an all-electric drivetrain to become the flagship of VW brand's flagship for electrification.

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Volkswagen Goes On The Offensive: New Diesel Technology And All Electric Phaeton To Spearhead Efforts

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