Volkswagen chief executive Herbert Diess has said the automaker needs to accelerate its transformation to avoid becoming another Nokia, the mobile phone maker which lost its dominance to Apple.

"The big question is: are we fast enough?," Diess asked VW senior managers following a global board meeting on Thursday, Reuters reported.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

"If we continue at our current speed, it is going to be very tough."

The car was no longer a mode of transport and carmakers were no longer only manufacturers of vehicles, he said.

"The era of the classic carmakers is over," Diess added, according to Reuters.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now