Volkswagen boss backs EU plan to bolster domestic European industry
News Source
β’Sun, 11 Oct 2026 16:53:01 GMT
π° What Happened
Volkswagen boss Oliver Blume backed EU plans to support domestic industry, saying European carmakers must 'compete under comparable conditions' with Chinese rivals. He said 'Made in Europe' rules must reward real value creation in Europe. The rules, formally called the Industrial Accelerator Act, would tie subsidies and public buying to products made largely inside the EU. VW has launched a plan to cut as many as 100,000 jobs.
π The Backstory
Lower-priced Chinese electric and hybrid cars have gained a large share of the European market, hurting local makers. VW, Germany's biggest carmaker, is among the hardest hit and is showing its new electric ID Tiguan in Paris. Brussels has sounded the alarm about the rapid rise of Chinese hybrids. Blume called the VW cuts its biggest transformation programme in history.
π― Why It Matters
Car making supports millions of jobs in Europe, so factory closures can hit whole towns. Rules that favour local goods can protect jobs but may also raise prices for buyers.
Volkswagen boss Oliver Blume backed EU plans to support domestic industry, saying European carmakers must 'compete under comparable conditions' with Chinese rivals. He said 'Made in Europe' rules must reward real value creation in Europe. The rules, formally called the Industrial Accelerator Act, would tie subsidies and public buying to products made largely inside the EU. VW has launched a plan to cut as many as 100,000 jobs.
Lower-priced Chinese electric and hybrid cars have gained a large share of the European market, hurting local makers. VW, Germany's biggest carmaker, is among the hardest hit and is showing its new electric ID Tiguan in Paris. Brussels has sounded the alarm about the rapid rise of Chinese hybrids. Blume called the VW cuts its biggest transformation programme in history.
Car making supports millions of jobs in Europe, so factory closures can hit whole towns. Rules that favour local goods can protect jobs but may also raise prices for buyers.