VW CEO Calls for Unity: "Everyone Must Do Their Part"

“The next few years will be decisive”

“The next few years will be decisive in determining who stays in the race and who takes the lead,” Blume continued. He attributes the enormous pressure to cut costs to fundamental market shifts and global upheavals: “The global auto industry is in a massive crisis. And the Volkswagen Group is right in the middle of it. Geopolitics, trade barriers, regulation, weak markets, and fierce competition are all taking their toll.” Blume appealed to the workforce’s fighting spirit: “For the people, our company, and Germany’s competitiveness as a business location.”

Blume had already announced in the spring that he was working on a new “Vision 2030” for VW and would be significantly tightening cost-cutting measures. Since then, there have been fears within the Group regarding four plants and up to 50,000 additional jobs.

Blume had recently stated in an interview on the VW intranet that the situation at VW was “more than critical.” There is an urgent need for action. While the 3.8 percent return on equity is solid, it is by no means sufficient to generate enough funds on a sustainable basis for new technologies, products, and the company’s locations.