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Volkswagen needs to make urgent changes to become more of a tech company as the industry enters the digital era, CEO Herbert Diess said Thursday, warning that the German car giant had just "one shot" at staying in the game.
"The time of the classic car manufacturer is over," Diess said in a speech to senior executives, as the industry undergoes "radical transformation" to make cars greener and smarter than ever before.
"Volkswagen's future lies in becoming a digital technology company," Diess said.
He singled out US tech firm and electric car pioneer Tesla as an example of the kind of fierce and unorthodox competition the company was up against.