Volkswagen sales fall 4.7% in February
Sales of German automaker Volkswagen fell 4.7% in February to almost 400 thousand units. In China, the largest market, sales declined by 3%. But the most serious problem Volkswagen seems to have is 13.2% decrease of the U.S. demand amid the diesel scandal. The U.S. Justice Department is suing the company for cheating on federal standards. In anticipation of future legal costs, the size of which is difficult to estimate, Volkswagen has already announced a one-billion-euro reduction in investments this year alone, and is preparing for major job cuts in Germany in the next two years.