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Volkswagen top executives believe company's existence at risk

All members of the executive committee believe that a dramatic change in the automaker’s strategy is necessary

BERLIN, June 17. /TASS/. The management of German auto giant Volkswagen believes that the company's very existence is at risk, Manager Magazin business magazine said, citing data from an anonymous survey of the company's senior executives,

Six of the nine members of Volkswagen's executive committee described the current situation at the company as a threat to its continued existence, while the remaining three called it strained. All members of the executive committee believe that a dramatic change in the automaker’s strategy is necessary.

Earlier, the German automaker reported a 28.4% drop in net income for the first three months of the year, to 1.56 billion euros. Volkswagen is suffering from weak sales, particularly in China and the United States.