Volkswagen AG Chief Executive Officer Matthias Mueller said the company will delay or cancel non-essential projects as pressure mounts to slash spending in the wake of the diesel-emissions scandal.<br />"We will review all planned investments, and what isn't absolutely vital will be canceled or delayed," Mueller told some 20,000 employees at the German company's headquarters Tuesday, according to an e-mailed statement of his remarks.<br />"And that's why we will re-adjust our efficiency program.<br />I will be completely clear: this won't be painless."<br />Fixing about 11 million rigged diesel vehicles is a costly prospect.<br />The 6.5 billion euros Volkswagen already set aside for repairs won't be enough to cover fines and potential legal damages as well, Mueller said.<br />The company is exploring options from a simple software upgrade to outright replacing some cars.<br />Fines may reach $7.4 billion in the U.S. alone, according to analysts from Sanford C. Bernstein Ltd.
