Volkswagen has ‘a year, maybe two to turn around’, financial chief warns

Carmaker defends plan to close German plants as Volvo ditches target to sell only electric cars by 2030

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Volkswagen says it has a year, maybe two" to adapt to a slump in European car sales, as it seeks to justify proposals to close factories in Germany for the first time in its history.

Separately, the Swedish automaker Volvo said it had ditched a target to sell only electric cars by 2030, opting instead to continue selling some petrol vehicles alongside battery models.