Volkswagen chief backs EU Made in Europe rules amid job cuts

The short version

• Volkswagen CEO Oliver Blume backed EU Made in Europe rules, arguing European carmakers must compete on comparable terms with Chinese rivals.[The Guardian]
• The Industrial Accelerator Act would limit subsidies and public procurement to products with large shares of EU materials and manufacturing.[The Guardian]
• Volkswagen has launched a plan to cut as many as 100,000 jobs, which its CFO said is needed to protect profitability and its home market.[The Guardian]
• Unresolved: the source does not say when or how the EU proposals would be adopted, and the reporting comes from one outlet.[The Guardian]

Key facts

• Blume said EU Made in Europe rules must reward real value creation in Europe.[The Guardian]
• The Industrial Accelerator Act would limit subsidies and public procurement to products with large shares of materials and manufacturing from within the EU.[The Guardian]
• Volkswagen has launched a plan to cut as many as 100,000 jobs.[The Guardian]
• VW chief financial officer Arno Antlitz said the job cuts were necessary to increase economic power and profitability and defend its home market.[The Guardian]
• The company plans to cut its worldwide model lineup from 150 to 75 across brands including Audi and Škoda.[The Guardian]
• The EU said it reached a deal with China to halve sales of hybrid cars in the bloc.[The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Volkswagen boss backs EU plan to bolster domestic European industryThe Guardian - World