Volkswagen boss backs EU plan to bolster domestic European industry

What happened: Volkswagen boss Oliver Blume backed EU "Made in Europe" rules, formally the Industrial Accelerator Act, which would limit subsidies and public procurement to products with large EU material and manufacturing content. Key numbers: VW plans to cut as many as 100,000 jobs and reduce models from 150 to 75 across Audi and Skoda. Why it matters: Blume said European carmakers face high energy costs, weak demand, and intense Chinese competition, and that companies investing in Europe must see clear benefit. VW calls the cuts its largest transformation programme.

Volkswagen CEO supports EU plan to strengthen domestic European industry.

Volkswagen CEO supports EU plan to strengthen domestic European industry. — impact context not separately stored; see What changed.