Volkswagen chief presses EU for rules to counter cheaper Chinese brands
Volkswagen CEO Oliver Blume backed an EU Made in Europe plan to counter lower-priced Chinese carmakers, urging a regulatory framework to support the firm's restructuring after its largest-ever layoffs.
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What happened
Oliver Blume, Volkswagen's chief executive, backed an EU Made in Europe plan aimed at the rapid rise of lower-priced Chinese brands, saying the rules should recognise genuine value creation. He also called for France and Germany to cooperate on the China car challenge ahead of the Paris Motor Show. He asked European policymakers to set up a regulatory framework to help the company's sweeping restructuring, which follows the biggest layoffs in its history.
Why it matters
Blume said the regulatory framework is needed to ensure Volkswagen's sweeping restructuring succeeds. The plan is intended to counter the rapid rise of lower-priced Chinese brands.
Timeline
- Oct 11, 12:53 PM ET: Blume backed the EU Made in Europe plan to counter lower-priced Chinese brands.
- Oct 11, 2:09 PM ET: Blume called for France and Germany to cooperate on the China car challenge ahead of the Paris Motor Show.
- Oct 11, 10:38 PM ET: Blume called on European policymakers to establish a regulatory framework for Volkswagen's restructuring.
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