VW to announce 10 pct spending cut -source

Newswire

FRANKFURT, Nov 14 (Reuters) - Europe's biggest carmaker, Volkswagen AG , is set to announce a 10 percent cut in its five-year capital spending plan after a supervisory board meeting later on Friday, an industry source told Reuters. "It will be about a 10 percent cut," the source said, adding that would mean spending of around 30 billion euros ($35 billion) over the next five years at the group's core automotive business. VW last reviewed its long-term spending plans a year ago, when it ...

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