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Volkswagen CEO: European Auto Mkt Shrinking w/ New Competitors
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In an interview with Bild am Sonntag, Oliver Blume, CEO of Volkswagen, explained the Company's unprecedented cutback in German production as a necessity, and said that the European market is shrinking while competition is intensifying.

“The pie is shrinking, but the company has more guests at the table", Blume added. European auto sales declined, while new competitors from Asia are forcefully entering the market.

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