FRANKFURT (Reuters) – Volkswagen (ETR:)’s CEO, who’s pushing for unprecedented cutbacks within the German carmaker’s dwelling market, stated 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 stated “the pie has grow to be smaller, and now we have extra visitors on the desk”.
“Fewer automobiles are being bought in Europe. On the similar time, new rivals from Asia are forcefully pushing into the market,” he was quoted as saying.
Volkswagen stated on Monday it was contemplating taking the unprecedented step of closing factories in Germany and ending job ensures at six of its vegetation in a drive to deepen a ten billion euro ($11 billion) cost-cutting plan.