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Volkswagen on track with efficiency program: CEO

Reuters
Snow falls on a Volkswagen car near the town of Rheda-Wiedenbrueck, February 3, 2015. REUTERS/Ina Fassbender (Reuters)

FRANKFURT (Reuters) - Volkswagen is optimistic it will reach its cost saving targets, which should help the company to narrow the profit gap with international rivals. "We are on track with our efficiency program," CEO Martin Winterkorn said in an interview on German TV channel ZDF. Europe's largest carmaker, which sold a record 10.1 million vehicles across the multi-brand group in 2014, is seeking to cut costs at its core division by 5 billion euros ($5.66 billion) over the next two years. (Reporting by Kirsti Knolle; Editing by Georgina Prodhan)