VW boss says European market shrinking amid tougher competition
Tweet
Share
E-mail
Volkswagen Chief Executive Officer Oliver Blume speaks at a Volkswagen media event in Beijing, China April 24, 2024. REUTERS/Josh Arslan/File Photo
FRANKFURT (Reuters) - Volkswagen's CEO, who is pushing for unprecedented cutbacks in the German carmaker's home market, said change was needed because the European market is shrinking while competition is increasing.
Speaking in an interview in Sunday paper Bild am Sonntag, Volkswagen CEO Oliver Blume said "the pie has become smaller, and we have more guests at the table".
"Fewer cars are being sold in Europe. At the same time, new competitors from Asia are forcefully pushing into the market," he was quoted as saying.
Volkswagen said on Monday it was considering taking the unprecedented step of closing factories in Germany and ending job guarantees at six of its plants in a drive to deepen a 10 billion euro ($11 billion) cost-cutting plan.
(Reporting by Ludwig Burger; Editing by Jan Harvey)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Norway awaits news on health of 89-year-old King Harald
- Brazil's Lula says public debt is not a concern in a potential new term
- Transport disrupted in Indonesia's capital after unrest following protest
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
