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Volkswagen to Shift Focus to Profitability, CEO Says

FRANKFURT, Oct 28 (Reuters) - Volkswagen's new strategy will focus more on growing profitably than on volume growth, its chief executive said on Wednesday, after the German carmaker reported its first quarterly loss in at least 15 years.

"A lot has become secondary to going 'higher, faster, further', especially return on sales," Matthias Mueller said in a statement, outlining VW's next steps after being rocked by its admission that it cheated on diesel emissions tests.

"It's is not about selling 100,000 cars more or less than a big competitor. It is rather about qualitative growth," Volkswagen said, adding the group would present its new strategy through 2025 in mid-2016. (Reporting by Maria Sheahan; Editing by Georgina Prodhan)