“The entire European automotive industry is in an extremely difficult situation, something that has never happened before.”
Oku.Az This was stated by Oliver Blume, CEO of the German Volkswagen Group, in an interview with the Bild am Sonntag newspaper.
“Economic conditions have become more difficult, especially for the Volkswagen brand,” Blume said.
He stressed that the situation of the German corporation has deteriorated so seriously that it is not enough to leave everything as before. It is not enough now to cut costs; new measures are needed.
“In Europe, fewer and fewer cars are being sold, at the same time new competitors from Asia are rapidly entering the market and more competitors are emerging in this area,” the top executive added.
However, he expressed confidence that Volkswagen would remain loyal to Germany.
“We have employees whose grandparents worked at Volkswagen and I want their grandchildren to work here,” Blume said.
However, he stressed that a total of five billion euros should be saved. According to the company’s director, production has become more expensive and profits have decreased.
