WOLFSBURG, Germany — Volkswagen will cut its spending by 1 billion euros ($1.07 billion) next year and “strictly prioritize” investments as it shores up its finances to deal with its emissions-rigging scandal, CEO Matthias Mueller said Friday after a board meeting.

The carmaker, which is due to present to U.S. authorities later in the day its plan to fix diesel cars affected by the scandal, has decided to cancel or postpone investments that aren’t “absolutely necessary,” Mueller said. That will reduce overall capital expenditure to 12 billion euros in 2016.

“What we definitely won’t do is make cuts at the expense of our future,” said Mueller.

Among other things, he said Volkswagen would postpone the building of a new design center in Wolfsburg and the introduction of an all-electric Phaeton sedan, and review other projects.

“We’re driving cautiously over the coming months, but we know where we want to go and we want to ensure that the Volkswagen company comes out of the current situation strengthened,” he said.