VW boss says European market is shrinking amid tougher competition By Reuters

FRANKFURT (Reuters) – Volkswagen’s ( ETR: ) CEO, who is pushing for unprecedented cuts in the German carmaker’s home market, said change is needed as the European market shrinks while competition grows.

Speaking in an interview in Sunday newspaper Bild am Sonntag, Volkswagen CEO Oliver Blume said “the pie has become smaller and we have more guests at the table”.

“Less cars are being sold in Europe. At the same time, new competitors from Asia are pushing hard on the market,” he said.

Volkswagen said on Monday it was considering taking the unprecedented step of closing factories in Germany and ending job guarantees at six of its plants in a bid to deepen a cost-cutting plan. 10 billion euros ($11 billion).