Volkswagen's Audi tempers spending plans for 2016

DEC 28, 20156:43 PM

[FRANKFURT] Volkswagen's flagship Audi division announced more cautious spending plans for 2016 on Monday, after its parent Volkswagen was hit by a scandal over rigged emissions tests.

Audi, which generated a higher operating profit than its parent in the first nine months of 2015, said it would invest more than 3 billion euros (S$4.64 billion) on plants and equipment in 2016.

Under its previous budget drawn up a year ago, Audi announced investments of 17 billion euros over the 2015-19 period, or an annual average of 3.4 billion euros.

It did not publish a comparable five-year spending plan on Monday.

REUTERS