FRANKFURT -- Drawing up a plan to transform Volkswagen Group's home plant in Wolfsburg, Germany, into a competitive counterweight to Tesla's new European factory will slightly delay the automaker's next 5-year investment plan, CEO Herbert Diess said.
"Over the past few weeks we have intensified the discussions around a shared vision for Wolfsburg 2030," Diess told analysts following the presentation of third-quarter results on Thursday.
"The increased competitive pressures have underscored the necessity to include this joint vision in our next planning round," Diess said.
All the parties involved had agreed at supervisory board meeting on Wednesday to move the submission of the investment plan to Dec. 9, Diess said. The change will give the automaker "a few more weeks to agree on a shared vision and roadmap for the transformation," he said.
VW had originally planned to agree on the next investment plan on Nov. 12.
Comments by Diess last month that the company could lose 30,000 jobs if it transitioned too slowly to electric vehicles have upset labor representatives who hold half of the seats on the automaker's supervisory board.