UPDATE 1-VW plans 5 bln euros in cutbacks to boost brand margins

Newswire

* VW may cease models, cut procurement costs * VW brand trails 6 pct profit margin goal * VW drawing up new mid-term group efficiency program (Adds CEO quote, detail and background) HAMBURG/BERLIN, Germany, July 15 (Reuters) - Volkswagen plans to cut costs at its core passenger-car brand by about 5 billion euros ($6.8 billion) per year from 2017, according to documents obtained by Reuters on Tuesday. VW's namesake brand, the ...

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