Volkswagen does not plan any other merger or acquisition apart from the ongoing discussions with FAW, its Chinese JV partner, for raising its stake.

Volkswagen finance chief Hans Dieter Poetsch said: “We are in a process of negotiations with our joint venture partner (FAW), also about the possibility of an increase in our stake. Apart from this, there is nothing else on the table with regard to M&A.”

Meanwhile, the company is working towards increasing the operating profit margin of its namesake brand to 6% in 2018, Reuters reported. In 2015, Volkswagen expects to achieve cost savings of EUR1bn (US$1.1bn).