VW says no M&A plans beyond talks on raising China JV stake

"We are in a process of negotiations with our joint venture partner (FAW), also about the possibility of an increase in our stake. Apart from this, there is nothing else on the table with regard to M&A," Poetsch told a conference call.

He added that the company was on track to meet its target to boost the operating profit margin in its core VW passenger car division to 6 percent in 2018. More than 1 billion euros ($1.1 billion) in cost savings were expected in 2015.

(Reporting by Andreas Cremer and Noah Barkin; Editing by Georgina Prodhan)