Matthias Mueller

Volkswagen will cut its spending by 1 billion euros ($1.07 billion) next year and “strictly prioritize” investments as it shores up its finances to deal with its emissions-rigging scandal, CEO Matthias Mueller said Friday after a board meeting.

Volkswagen’s effort to fix its emissions scandal will be largely led by company insiders. Some experts say it’s the only way.

Volkswagen will cut its spending by 1 billion euros ($1.07 billion) next year and “strictly prioritize” investments as it shores up its finances to deal with its emissions-rigging scandal, CEO Matthias Mueller said Friday after a board meeting.

Volkswagen’s effort to fix its emissions scandal will be largely led by company insiders. Some experts say it’s the only way.