FRANKFURT (Reuters) – Volkswagen (ETR:)’s CEO, who’s pushing for unprecedented cutbacks within the German carmaker’s residence market, mentioned change was wanted as a result of the European market is shrinking whereas competitors is growing.
Talking in an interview in Sunday paper Bild am Sonntag, Volkswagen CEO Oliver Blume mentioned “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 mentioned on Monday it was contemplating taking the unprecedented step of closing factories in Germany and ending job ensures at six of its crops in a drive to deepen a ten billion euro ($11 billion) cost-cutting plan.
