Volkswagen has no plans to sell its 18.7% share in Swedish truckmaker Scania AB, chief financial officer Hans Dieter Poetsch told Dow Jones on Tuesday.

Poetsch reportedly said the company isn’t in a position where it needs to sell strategic stakes.

Dow Jones noted that Volkswagen on Tuesday announced a plan to cut €2 billion of costs to prop up slumping profits and that the ownership of Scania is in flux since Volvo AB has been required by the European Union to sell its remaining shares in the truckmaker.