Volkswagen's software unit Cariad suffers huge losses

Cariad, the software division of Volkswagen Group, has lost more than $7.5 billion in the past three years, causing the Porsche Macan electric car to be delayed. However, Cariad CEO Peter Bosch said the division's current situation has improved. He was previously the CEO of Bentley and immediately set about cutting costs and reducing reliance on external suppliers after taking office.