VW CEO says carmaker faces same fate as Nokia without urgent reforms

Reuters file photo

Volkswagen Chief Executive Herbert Diess said the German carmaker needs to accelerate its transformation to avoid becoming another Nokia, which lost its dominance in the handset market to Apple.

"The big questions is: are we fast enough?," Diess told VW's senior managers following a global board meeting on Thursday. "If we continue at our current speed, it is going to be very tough."

The car was is longer a mode of transport and carmakers are no longer only manufacturers of vehicles, he said.

"The era of the classic carmakers is over," Diess added.

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