Volkswagen has announced $3.4 billion in cost cuts to speed up improvement in profit margins at its core VW brand. The German automaker has been cutting costs recently to fund a shift to electric cars and automated driving. Volkswagen aims to invest over 11 billion euros in electric vehicles and other related services by 2023. According to Reuters, Volkswagen recently said that talks for a potential alliance with U.S. rival Ford are going well.

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