Era of classic carmakers over, need reforms to avoid fate like Nokia: VW CEO

Volkswagen CEO Herbert Diess has said the era of classic carmakers is over. He added that Volkswagen needed to accelerate its transformation to avoid becoming another Nokia, which lost its dominance in the handset market to Apple. The German automaker is reportedly looking to double market valuation, cut costs and expand into new technologies like connected, electric and self-driving cars.