Volkswagen CEO Says Transformation Is 'Shared Responsibility' in Appeal to EU

3-line summary

• Volkswagen CEO Oliver Blume said at a "For Europe" event on Sunday, ahead of the Paris Motor Show, that "this is a shared responsibility: the business community must become more competitive," while policymakers must create the right framework conditions, according to Reuters via Investing.com.
• Blume called VW's restructuring "the biggest transformation programme in our history" and said he expects European policymakers to help create conditions for it to succeed, as Brussels moves to shield the industry from lower-cost Chinese competitors; he has previously backed proposed local-content rules to encourage regional production.
• On Friday, Blume called an EU-China agreement — which could cut EU imports of Chinese plug-in hybrids by more than half — an "important step." Volkswagen, Europe's largest automaker with roughly a quarter of the market over the past decade, is pursuing major job cuts and has been reported to threaten the closure of up to four German plants.

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