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International Business Times

Business

Ann Resuma

Volkswagen CEO Tells Publication Cost Cutting Necessary Amid "Structural Problems"

Volkswagen Oliver Blume Germany

German carmaker Volkswagen, through its CEO Oliver Blume, revealed that the planned cost-cutting program the company announced was unavoidable to fix "decades of structural problems."

Blume, in an interview with the publication Bild am Sonntag, as reported by Reuters, stated that "the weak market demand in Europe and significantly lower earnings from China reveal decades of structural problems at VW."

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