VW CEO says carmaker faces same fate as Nokia without urgent reforms

FRANKFURT (Reuters) - Volkswagen Chief Executive Herbert Diess said the German carmaker needs to accelerate its transformation to avoid becoming another Nokia , which lost its dominance in the handset market to Apple ."The big questions is: are we fast enough?," Diess told VW's senior managers following a global board meeting on Thursday. "If we continue at our current speed, it is going to be very tough." The car was is longer a mode of transport and carmakers are no longer only manufacturers..