"We are in the process of reviewing our entire development process," Markus Duesmann said.

The company needs new and shorter production cycles for the areas of connectivity and software. "And we are also looking more intensively at how this is done in China," Duesmann said. "I expect that over time we will get close to a development time of 30 months."

(Reporting by Christina Amann, Writing by Rachel More; Editing by Madeline Chambers)