Volkswagen boss backs EU plan to bolster domestic European industry
Summary
The Volkswagen boss supports new EU rules to help European carmakers compete fairly with Chinese companies. Volkswagen plans to cut up to 100,000 jobs and reduce the number of car models to lower costs and improve profits amid strong competition and high costs.Key Facts
- Volkswagen CEO Oliver Blume backs EU proposals called the Industrial Accelerator Act, which favor products made mostly in Europe.
- The EU wants to stop cheap Chinese cars from hurting European car makers.
- Volkswagen is planning the biggest job cuts in its history, up to 100,000 jobs.
- The company will cut its car models from 150 to 75 to simplify production and save money.
- Chinese hybrid car sales in Europe are being halved after an EU-China agreement.
- Blume says companies selling in Europe should create jobs and value there too.
- Volkswagen showed its new all-electric ID Tiguan at the Paris motor show.
- The cuts and changes aim to increase Volkswagen’s profits and protect Europe’s car industry and technology.
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