"We are on track with our efficency programme," CEO Martin Winterkorn said in an interview on German TV channel ZDF.

Europe's largest carmaker, which sold a record 10.1 million vehicles across the multi-brand group in 2014, is seeking to cut costs at its core division by 5 billion euros ($5.66 billion) over the next two years.

(Reporting by Kirsti Knolle; Editing by Georgina Prodhan)