17:08 - 9.09.2024

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September 9, Fineko/abc.az. The entire European automotive industry is in an extremely difficult situation, which has never happened before.

ABC.AZ reports that this opinion was expressed by the head of German concern Volkswagen Oliver Blume in an interview with Bild am Sonntag newspaper.

"The entire European automotive industry is in a very difficult situation - a situation that has never been seen before. And economic conditions have become even more difficult, especially for the Volkswagen brand," he said.

Blume stated that the situation of the German concern is so serious that "you can't just leave everything as it was before", and "cutting costs alone is not enough now", but new measures are needed. He did not specify which ones.

"Fewer and fewer cars are being sold in Europe. At that, new competitors from Asia are rapidly entering the market. The pie is getting smaller, and we have more guests at the table," the top manager said.

Nevertheless, he assured that Volkswagen remains faithful to Germany as an economic platform, whole generations have worked for the company in the country.

"We have employees whose grandfathers also worked for Volkswagen. And I want their grandchildren to continue working here," Blume said. However, he pointed out that the concern needs to save a total of about €5 billion. Production, according to company’s head, has become more expensive, and profits are falling.